Alternative Minimum Tax (AMT) Amounts
The AMT applies if it exceeds the regular tax (that is, the tax from the tax
tables, rate schedules, etc.). You may have to pay the AMT if you:
- Claim a large number of exemptions.
- Itemize deductions and claim large deductions for taxes and/or miscellaneous deductions subject to the 2% of AGI limit.
- Take out a home mortgage or equity line of credit and use the proceeds for a purpose other than to buy, build, or substantially improve your home.
- Exercise incentive stock options and did not dispose of the stock in the year of the exercise.
Other less common items may apply. See the instructions for Form 6251.
Alternative Minimum Tax |
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2007
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2008
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Tax Rate on Alternative Minimum Taxable Income |
26% up to $175,000 ($87,500 MFS), 28% in excess of these amounts |
Same |
Exemption |
$44,350 (SGL,HH)
$33,125 (MFS) $66,250 (MFJ,QW) |
$33,750 (SGL,HH)
$22,500 (MFS) $45,000 (MFJ,QW) |
Minimum Exemption for Dependent Children Under Age 18
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Earned Income + $6,300
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Earned Income + $6,400
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