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  2. 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 ...

  3. 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]

  4. 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 ...

  5. Income tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Income_tax_in_the_United...

    The credit is limited so that regular tax is not reduced below current year AMT. AMT is imposed at a nearly flat rate (20% for corporations, 26% or 28% for individuals, estates, and trusts) on taxable income as modified for AMT. Key differences between regular taxable income and AMT taxable income include:

  6. What are the tax brackets for tax years 2024 and 2025? What ...

    www.aol.com/tax-brackets-tax-years-2024...

    The AMT exemption amount for tax year 2024 increased to $85,700 and starts to phase out at $609,350, up $4,400 and $31,200 compared with tax year 2023, respectively. The exemption amount for ...

  7. Rate schedule (federal income tax) - Wikipedia

    en.wikipedia.org/wiki/Rate_schedule_(federal...

    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").

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