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- Established: 1969
- Both an Individual and a Corporate AMT
- Affected 30% of Taxpayers earning between 75,000 and 100,000 in 2006, as well as higher income individuals
- Stock Option Income, Mortgage Interest Deductions, and Capital Gains are a few of the factors that can expose you to the AMT
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The Alternative Minimum Tax (AMT) is a separate tax assessed on certain types of income and deductions. It is "an extra tax some people have to pay on top of the regular income tax."Fairmark: Alternative Minimum Tax 101
Essentially, the AMT system uses an alternative set of rules to creates a taxable income figure. If your regular income tax figure is lower, AMT can be levied and the taxpayer will have to make up the difference. In this sense, it is not an "alternative" for the tax payer, it just uses different rules to calculate taxable income.Fairmark: Alternative Minimum Tax 101
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Alternative Minimum Tax Questions
What is the Alternative Minimum Tax? 1 AnswerThe AMT is a provision written into law so that if an individual establishes tax shelters and has a number of deductions such that he/she does not pay income ta... read more
Do you survive on minimum wage? 5 AnswersI don't know how anyone could live on minimum wage. I constantly wonder this. I make many times more than minimum wage, yet I live in a modest condo and have on... read more
Alternatives to Blogger and Wordpress? 3 AnswersBy sites I assume you mean a hosted blogging platform. There are gazillions of those, but two of the biggest and most famous are Typepad and Livejournal. Typepa... read more
Do the rich get the tax breaks? 1 AnswerYes the rich get the tax breaks. -quote- "A Few Basic Reasons For Why The Rich Get Richer The rich have started successful businesses. They do it by starting th... read more
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House Considers "Medicare Doc Fix": CBS News ... fix," the Alternative Minimum Tax, the estate t.. http://bit.ly/3Ykvwe
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House Considers "Medicare Doc Fix": CBS News ... fix," the Alternative Minimum Tax, the estate t.. http://bit.ly/3Ykvwe
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The Individual Alternative Minimum Tax: Historical Data and Projections, Updated October 2009: Tax Policy Center http://bit.ly/337UrN
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nice history of the evil AMT from @bruce_taxguy A brief overview of the alternative minimum tax (AMT). http://ping.fm/hhQpU
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What is the AMT, Alternative Minimum Tax ? - TurboTax 2009 Tax Calculator http://bit.ly/228IpL
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