Do You Owe The AMT?
Tip: AMT payers may qualify for the “minimum tax credit,” which allows individuals to claim a full or partial credit for past AMT taxes on future returns.
American educational reformer Horace Mann called education “the great equalizer.”1 In football, it’s been said that turnovers are the great equalizer. And anyone who’s ever watched CBS’s “The Amazing Race,” knows airport delays are the great equalizer in a race around the world.
In taxes, there’s also an equalizer of sorts; it’s called the alternative minimum tax, or AMT. Instituted in 1969, it was intended to ensure that the very rich didn’t pay a lower effective tax rate than everyone else.2
In recent years, however, the “very rich” aren’t the only ones who need to be concerned about the AMT. Even though the AMT is indexed for inflation, more and more middle-class Americans are being forced to pay it. In 2012, an estimated 45% of all tax filers with income between $75,000 and $100,000 paid the AMT.3
What Is The AMT, Exactly?
For more infomation
http://www.mundofs.com/resource-center/tax/do-you-owe-the-amt
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