Here is some information for AMT
An Outline of the Computation of the AMT
Under the alternative minimum tax system, a taxpayer must determine his alternative
minimum taxable income (AMTI, which is the equivalent of adjusted gross income under
the regular tax system) using the separate AMT rules, and then apply the AMT rates to
the AMTI to determine his tentative minimum tax. The tentative minimum tax is reduced
by any AMT foreign tax credit available to the the taxpayer. If the taxpayer’s tentative
minimum tax (after applying the AMT foreign tax credit) exceeds the taxpayer’s regular
tax, the excess of the tentative minimum tax over the regular tax is the taxpayer’s
alternative minimum tax. All taxpayers that are subject to the regular tax are potentially
subject to the alternative minimum tax.
The basic formula for determining the AMT is as follows:
(NOTE: This formula is for use only in estimating the amount of a taxpayer’s AMT liability. In order to determine the actual liability for any taxpayer, the taxpayer must calculate the liability using IRS forms)
Starting Point Regular Taxable income
Plus/Minus AMT Adjustments
Plus AMT Preference items
Less AMT Exemption
Equals Alternative Minimum Taxable Income (AMTI)
Multiplied by AMT rates
Equals Tentative Minimum Tax (before credits)
Minus AMT Foreign Tax Credit
Equals Tentative Minimum Tax
Less Regular Tax
Equals Net Alternative Minimum Tax
If the net alternative minimum tax is a positive amount, the taxpayer must pay this
amount in addition to his regular tax (less applicable non-refundable credits).
******************************
Alternative Minimum
Tax Quick Facts:
AMT Rates:
26%, up to Alternative
Minimum Taxable Income
of $175,000 ($87,500
for Married Filing
Separately)
28% on AMTI over
$175,000 ($87,500 for
Married Filing
Separately)
AMT Exemption
Amounts Before
Phase-Out:
For 2003 and 2004
Single or Head of
Household - $40,250
Married Filing Jointly or
Qualifying Widower-
$58,000
Married Filing
Separately- $29,000
An Outline of the Computation of the AMT
Under the alternative minimum tax system, a taxpayer must determine his alternative
minimum taxable income (AMTI, which is the equivalent of adjusted gross income under
the regular tax system) using the separate AMT rules, and then apply the AMT rates to
the AMTI to determine his tentative minimum tax. The tentative minimum tax is reduced
by any AMT foreign tax credit available to the the taxpayer. If the taxpayer’s tentative
minimum tax (after applying the AMT foreign tax credit) exceeds the taxpayer’s regular
tax, the excess of the tentative minimum tax over the regular tax is the taxpayer’s
alternative minimum tax. All taxpayers that are subject to the regular tax are potentially
subject to the alternative minimum tax.
The basic formula for determining the AMT is as follows:
(NOTE: This formula is for use only in estimating the amount of a taxpayer’s AMT liability. In order to determine the actual liability for any taxpayer, the taxpayer must calculate the liability using IRS forms)
Starting Point Regular Taxable income
Plus/Minus AMT Adjustments
Plus AMT Preference items
Less AMT Exemption
Equals Alternative Minimum Taxable Income (AMTI)
Multiplied by AMT rates
Equals Tentative Minimum Tax (before credits)
Minus AMT Foreign Tax Credit
Equals Tentative Minimum Tax
Less Regular Tax
Equals Net Alternative Minimum Tax
If the net alternative minimum tax is a positive amount, the taxpayer must pay this
amount in addition to his regular tax (less applicable non-refundable credits).
******************************
Alternative Minimum
Tax Quick Facts:
AMT Rates:
26%, up to Alternative
Minimum Taxable Income
of $175,000 ($87,500
for Married Filing
Separately)
28% on AMTI over
$175,000 ($87,500 for
Married Filing
Separately)
AMT Exemption
Amounts Before
Phase-Out:
For 2003 and 2004
Single or Head of
Household - $40,250
Married Filing Jointly or
Qualifying Widower-
$58,000
Married Filing
Separately- $29,000
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