I am trying to determine the alternative minimum tax threshold for my earnings bracket and understand AMT adjustments and deductions. What are the AMT thresholds I need to be aware of when filing my tax return?
The alternative minimum tax (AMT) threshold doesn’t apply unless your income that is subject to AMT is more than your exemption amount.
The AMT thresholds are:
- Single or head of household — $53,900
- Married filing jointly — $83,800
- Married filing separately — $41,900
- Children whose investments are subject to the kiddie tax — $7,400 plus earned income, up to the exemption amount the child would otherwise enjoy if not subject to the kiddie tax rules
Ever wonder what the lowest and highest taxed states are? State taxes vary from state to state, ranging from 0 - 13.3%. This infographic shows...
What do 2016 tax brackets and March Madness have in common? The Tax Institute Director Gil Charney weighs in here...
What is the tax rate your employer withholds for social security and medicare? Learn more from the tax experts at H&R Block.
The startup tax or new business tax is a topic many new business owners shy away from. Don't get caught off-guard. Review these tips provided by our tax pros.