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  2. Alternative minimum tax - Wikipedia

    en.wikipedia.org/wiki/Alternative_minimum_tax

    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. [1] [2]

  3. What Is the Alternative Minimum Tax and Will It Cost You Big ...

    www.aol.com/alternative-minimum-tax-cost-big...

    Once you figure out your remaining income after your exemption, you must calculate your tax due under the AMT formula. For 2020, the first $197,900 — or $98,950 if married filing separately ...

  4. What is the AMT and does it affect your taxes? - AOL

    www.aol.com/news/what-is-the-amt-and-does-it...

    Tax expert Donna Cuiffo explains how the AMT might affect your taxes this year under the new tax law.

  5. IRS Form 6251: Alternative Minimum Tax (AMT) - AOL

    www.aol.com/finance/irs-form-6251-alternative...

    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 ...

  6. Taxation in the United States - Wikipedia

    en.wikipedia.org/wiki/Taxation_in_the_United_States

    An alternative minimum tax (AMT) is imposed at the federal level on a somewhat modified version of taxable income. [53] The tax applies to individuals and corporations. The tax base is adjusted gross income reduced by a fixed deduction that varies by taxpayer filing status. Itemized deductions of individuals are limited to home mortgage ...

  7. Tax Reform Act of 1986 - Wikipedia

    en.wikipedia.org/wiki/Tax_Reform_Act_of_1986

    Showdown at Gucci Gulch: Lawmakers, Lobbyists and the Unlikely Triumph of Tax Reform (1987), by Jeffrey Birnbaum and Alan Murray, is a book about the bill's passage. Full text of the Act; Apps, P. F. (2010, June). Why the Henry Review Fails on Family Tax Reform. In Australia’s Future Tax System: A Post-Henry Review'Conference, Sydney

  8. What's the Alternative Minimum Tax and Who Pays It? - AOL

    www.aol.com/news/whats-alternative-minimum-tax...

    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 ...

  9. Itemized deduction - Wikipedia

    en.wikipedia.org/wiki/Itemized_deduction

    If the taxpayer is otherwise eligible to file a shorter tax form such as 1040EZ or 1040A, he or she would prefer not to prepare (or pay to prepare) the more complicated Form 1040 and the associated Schedule A for itemized deductions. The standard deduction is not allowed for calculating the alternative minimum tax (AMT). If the taxpayer claims ...

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