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For tax year 2024, the Alternative Minimum Tax rate is 26% for AMTI between $85,700 and $609,350 for single filers or between $133,300 and $1,218,700 for couples filing jointly. The rate is 28% ...
Here are other changes to keep in mind during tax season. IRS tax rates for tax year 2024. ... fewer than 180,000 taxpayers paid the alternative minimum tax in 2023. Numbers may be higher, though ...
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]
In 2024, federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%. While these rates stay the same for 2025, the income thresholds for each bracket will adjust for inflation.
The origin of the current rate schedules is the Internal Revenue Code of 1986 (IRC), [2] [3] which is separately published as Title 26 of the United States Code. [4] With that law, the U.S. Congress created four types of rate tables, all of which are based on a taxpayer's filing status (e.g., "married individuals filing joint returns," "heads of households").
After multiplying taxable income by the tax rate, the taxpayer may subtract the amount of any credits, then must add any additions to tax (such as the alternative minimum tax). This calculation results in the taxpayer's tax liability, which is the actual amount the taxpayer owes for that tax year. [2]
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 ...
The credit is limited with respect to individuals (but not for corporations) to the net minimum tax reduced by the amount the net minimum tax would have been if only the items in sections 56(b)(1) and 57(a)(1), (5), and (7).
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