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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 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 alternative minimum tax was first introduced in 1969 as a way ... total income is below the AMT exemption amount. ... for the 2020 tax year filings and the amounts the 26% and 28% tax rates ...
One change noted by the IRS relates to the alternative minimum tax exemption (AMT). ... The AMT exemption amount for tax year 2024 increased to $85,700 and starts to phase out at $609,350, up ...
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.
For the tax year 2013, some taxpayers experienced the first year-to-year income-tax rate increase since 1993, although the rate increase came about not as a result of the 2012 Act, but as a result of the expiration of the Bush tax cuts. The new rates for income, capital gains, estates, and the alternative minimum tax would be made permanent. [3 ...
The estate and gift tax exemption for the 2023 tax year is $12.92 million (up from $12.06 million in 2022). ... AMT Exemption. The alternative minimum tax or AMT is the minimum amount of tax a ...
It increased to $13.99 million for the 2025 tax year. Increased alternative minimum tax exemption: The TCJA increased the alternative minimum tax (AMT) exemption from $85,700 in 2024 to $88,100 in ...
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