AMT (Alternative Minimum Tax)
If the 2012 AMT exemption is $50,600 for single taxpayer and $78,750 for married, what does this mean for taxpayer who exceeds this amount?
Thank you.
If the 2012 AMT exemption is $50,600 for single taxpayer and $78,750 for married, what does this mean for taxpayer who exceeds this amount?
Thank you.
Permalink Submitted by Alan - IRA critic on Tue, 2013-02-26 22:42
The tax bill is the higher of the regular tax bill and the AMT calculated tax bill. The AMT exemption and certain other AMT rules are used to figure the AMT tax. If the exemption is exceeded it does not necessarily mean that the taxpayer will be in the AMT since the regular tax could still be higher than the AMT.
Permalink Submitted by Mary on Wed, 2013-02-27 18:00
Through the years I have found that I can always count on you!