What resources are available to help taxpayers understand the AMT?

Nov 4, 2024 ... If you make more than the AMT exemption amount, you need to calculate both your ordinary income tax and AMT and pay the higher of the two. With ... (See Part 3 for additional information.) Box 13: Specified Private Activity Bond Interest. Dividends. If you are subject to the alternative minimum tax (AMT), ... These incentives take the form of income tax deductions or credits for charitable gifts and the non-recognition of gain on charitable donations of appreciated ... Sep 14, 2023 ... Next, remove certain tax breaks, such as your deductions for state, local, and property taxes. Then, subtract your AMT exemption (if eligible), ... Apr 29, 2024 ... ... AMT) and tentative minimum tax (AMT minus the foreign tax credit). ... This article is for informational purposes only. The content may not ... ... Tax Extenders and Alternative Minimum Tax Relief Act of 2008. October 3, 2008 ... Low-Income Housing Tax Credit More information >> · Housing and Urban ... Visit the FAQ page for information on Sales Tax, Retailer's Use Tax ... deduction for $200, the employee's taxable wages for income tax purposes is $400. Feb 18, 2025 ... The AMT exemption is like a Standard Deduction for calculating the alternative minimum tax. The 2024 exemption amounts for each filing status ... To obtain information about the tax credits, click on the links listed below. ... Bank Franchise Tax Credit. BJI, Brownfield Jobs and Investment Credit. BPT ... A credit was added for investment in a nonprofit development corporation. (Repealed December 31, 2016 - 2017 session.) The alternative minimum tax (AMT) rate ...