Tax Tips & Calculators
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 do 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|
|Tax Rate on Alternative Minimum Taxable Income||26% up to $175,000
($87,500 MFS), 28% in excess of these amounts
|Exemption for child subject to the "kiddie tax"||Earned Income +
|Earned Income +