AMT

Alternative Minimum Tax (AMT)

Exemption amount. The exemption amount on Form 6251, line 5, has increased to $75,900 ($118,100 if married filing jointly or qualifying surviving spouse; $59,050 if married filing separately). Also, the amount used to determine the phaseout of your exemption has increased to $539,900 ($1,079,800 if married filing jointly or qualifying surviving spouse). AMT tax brackets. […]

Alternative Minimum Tax (AMT) Read More »

Alternative Minimum Tax – Individuals (Form 6251)

What is the alternative minimum tax from Form 6251?Form 6251: Alternative Minimum Tax-Individuals is an Internal Revenue Service (IRS) tax form used to determine the amount of alternative minimum tax (AMT) that a taxpayer may owe. Some taxpayers with higher incomes can claim certain deductions that allow them to reduce their regular tax obligation. Who Must

Alternative Minimum Tax – Individuals (Form 6251) Read More »