Latest updates
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).
Self-Employed Tax
The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
Innocent Spouse Relief
Relief is available for those who are the victim of a spouse’s error on their tax return, those who have since divorced their spouse but divorced after the taxes were filed, or those who filed a joint return with their spouse that resulted in an understatement of tax.
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
