The meaning of ALTERNATIVE MINIMUM TAX is a U.S. federal income tax that was originally imposed to prevent wealthy taxpayers from using tax shelters to avoid paying taxes, that excludes many deductions and exemptions allowed in computing regular tax liab
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Also, keep in mind if you had taxes withheld from your paycheck, or qualify for tax credits, you will need to file to receive your refund. So, even if you may qualify to skip filing a return, you’ll probably want to do so anyway. The IRS Interactive Tax Assistant There are a serie...
Look for entries on lines 2 and 3, which adjust your taxable income for AMT purposes. For instance, you have to put various items back into your income, adding such items as your Standard Deduction, taxes deducted on Schedule A, the bargain element of any incentive stock options you exer...
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TEI testimony on 2003 tax return filing season and the IRS budget for fiscal year 2004: April 8, 2003 SFAS 109 requires use of the regular tax rate in all cases rather than allowing use of the alternative minimum tax rate for those taxpayers that expect to payalternative minimum taxesin the...
Married, filing jointly$1,252,700 How the AMT can impact your eligibility for tax breaks With the AMT, many of the items you might deduct for your standard taxes no longer apply. Under the AMT: You don’t receive thestandard deduction. ...
An alternative minimum tax (AMT) places a floor on the percentage of taxes that a filer must pay to the government, no matter how many deductions or credits the filer may claim. The United States currently has an alternative minimum tax for taxpayers who earn above certain income thresholds....
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Some of these factors can overlap, which can change the income thresholds for required filing. Minimum Gross Income Thresholds for Taxes The thresholds begin with yourgross income—anything you receive in the form of payment that's not tax-exempt. Gross income can include money, services, propert...