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The AMT exemption amount for tax year 2024 increased to $85,700 and starts to phase out at $609,350, up $4,400 and $31,200 compared with tax year 2023, respectively. The exemption amount for ...
Increased alternative minimum tax exemption: The TCJA increased the alternative minimum tax (AMT) exemption from $85,700 in 2024 to $88,100 in 2025 for single filers. It also temporarily changed ...
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. [1] [2]
This was a fixed amount allowed each taxpayer, plus an additional fixed amount for each child or other dependents the taxpayer supports. The amount of this deduction was $4,000 for 2015. The amount is indexed annually for inflation. The amount of exemption was phased out at higher incomes through 2009 and after 2012 (no phase out in 2010–2012 ...
The AMT is typically triggered by tax filers whose income exceeds the annual AMT exemption for that year. For tax year 2021 (which you file in 2022), the exemption is $73,000 for single ...
The exemption amount is increased annually by an inflation adjustment as is the estate/gift tax exemption. With the enactment of the Tax Cuts and Jobs Act of 2017, these exemptions were doubled through December 31, 2025. Thus, as of January 1, 2024, the GST exemption amount is $13.61 million per person (inclusive of the inflation adjustment ...
Tax expert Donna Cuiffo explains how the AMT might affect your taxes this year under the new tax law. Skip to main content. 24/7 Help. For premium support please call: 800-290 ...
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