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Continue reading → The post IRS Form 6251: Alternative Minimum Tax (AMT) appeared first on SmartAsset Blog. ... For tax year 2022 (which you file in 2023), the exemption is $75,900 for singles ...
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.
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.
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 Taxpayer Relief Act of 1997 (Pub. L. 105–34 (text), H.R. 2014, 111 Stat. 787, enacted August 5, 1997) was enacted by the 105th United States Congress and signed into law by President Bill Clinton.
Download as PDF; Printable version; In other projects ... a particular position about whether the Alternative Minimum Tax is good or ... gov/pub/irs-pdf/f6251.pdf ...
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Taxable income serves as the base against which the taxpayer's tax rate is applied. After multiplying taxable income by the tax rate, the taxpayer may subtract the amount of any credits, then must add any additions to tax (such as the alternative minimum tax). This calculation results in the taxpayer's tax liability, which is the actual amount ...