Search results
Results From The WOW.Com Content Network
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.
IRS Form 6251 is a complex tax form and a complicated issue. If you are likely to get hit with the AMT, part of the reason may be that the calculation of AMT causes you to lose many of the tax ...
The IRS uses Form 6251 as the alternative minimum tax calculator. To calculate your AMT, you must first recalculate your income after eliminating several exclusions and deductions. For example ...
Taxpayers who have paid AMT in prior years may claim a credit against regular tax for the prior AMT. 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.
The Tax Reform Act of 1969 (Pub. L. 91–172) was a United States federal tax law signed by President Richard Nixon on December 30, 1969.Its largest impact was creating the Alternative Minimum Tax, which was intended to tax high-income earners who had previously avoided incurring tax liability due to various exemptions and deductions.
The United States federal Alternative Minimum Tax was eliminated in 2018. Corporations may also be subject to additional taxes in certain circumstances. These include taxes on excess accumulated undistributed earnings and personal holding companies [78] and restrictions on graduated rates for personal service corporations. [79] [needs update]
If the taxpayer is otherwise eligible to file a shorter tax form such as 1040EZ or 1040A, he or she would prefer not to prepare (or pay to prepare) the more complicated Form 1040 and the associated Schedule A for itemized deductions. The standard deduction is not allowed for calculating the alternative minimum tax (AMT). If the taxpayer claims ...
AMT, the ICAO code for ATA Airlines, a defunct US airline; AMT, the National Rail code for Aldermaston railway station in the county of Berkshire, UK; Automated manual transmission, gearbox technology; Aviation Maintenance Technician, a US Coast Guard rating; Amata Airport, IATA airport code "AMT"