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The alternative minimum tax (AMT) is a tax imposed by the United States federal government in addition to the regular income tax for certain individuals, estates, and trusts. As of tax year 2018, the AMT raises about $5.2 billion, or 0.4% of all federal income tax revenue, affecting 0.1% of taxpayers, mostly in the upper income ranges.
The AMT is typically triggered by tax filers whose income exceeds the annual AMT exemption for that year. For tax year 2021 (which you file in 2022), the exemption is $73,000 for single ...
Alternative Minimum Tax Exemptions. Filing Status. 2020 . AMT Exemption. Phaseout Begins. Single/Head of Household. $72,900. $518,400. Married Filing Jointly
Nothing gets taxpayers fired up quite like the alternative minimum tax, commonly called the AMT. This year, the good news that is fewer taxpayers will have to grapple with the AMT when filing 2018 ...
The Tax Reform Act of 1969 (Pub. L. 91–172) was a United States federal tax law signed by President Richard Nixon in 1969. Its largest impact was creating the Alternative Minimum Tax, which was intended to tax high-income earners who had previously avoided incurring tax liability due to various exemptions and deductions.
AMT is imposed at a rate of 26% or 28% for individuals and 20% for corporations, less the amount of regular tax. A credit against future regular income tax is allowed for such excess, with certain restrictions. Many states impose minimum income taxes on corporations or a tax computed on an alternative tax base.
The alternative minimum tax (AMT) was created to close loopholes and ensure that all U.S. taxpayers pay their fair share of taxes. When you pay an AMT, some or all of that additional tax is for ...
For the tax year 2013, some taxpayers experienced the first year-to-year income-tax rate increase since 1993, although the rate increase came about not as a result of the 2012 Act, but as a result of the expiration of the Bush tax cuts. The new rates for income, capital gains, estates, and the alternative minimum tax would be made permanent. [3 ...