You may not know about the Alternative Minimum Tax
because you’ve never had to pay it before. However, your income may have
changed and you may have to pay it this year. The AMT is an income tax imposed
at nearly a flat rate on an adjusted amount of taxable income above a certain
threshold. If you have a higher income, you may be subject to the AMT.
Here are five things you should know about the AMT:
1. Know when the AMT applies. You may
have to pay the AMT if your taxable income, plus certain adjustments, is more
than your AMT exemption amount. Your filing status and income define the amount
of your exemption. In most cases, if your income is below this amount, you will
not owe the AMT.
2. Know exemption amounts. The 2015
AMT exemption amounts are:
• $53,600 if you are Single or Head of Household.
• $83,400 if you are Married Filing Jointly or
Qualifying Widow(er).
• $41,700 if you are Married Filing Separately.
You will reduce your AMT exemption if your income is
more than a certain amount.
3. Use IRS e-file. Keep in mind that
the AMT rules are complex. The easiest way to prepare and file your tax return
is to use IRS
e-file. The tax software will figure
the AMT for you, if you owe the tax.
5. Use the right forms. Usually, if
you owe the AMT, you must file Form
6251, Alternative Minimum Tax –
Individuals. Some taxpayers who owe the AMT can file Form
1040A and use the AMT
Worksheet in the instructions.
Learn more about the AMT on IRS.gov. You can also see
the Form
6251instructions. If you e-file
your tax return you don't need any paper forms to mail to the IRS. If you do
need a paper form, you can visit IRS.gov/Forms to view, download and print what you need right away.
Each and every taxpayer has a set of fundamental
rights they should be aware of when dealing with the IRS. These are your Taxpayer
Bill of Rights. Explore your
rights and our obligations to protect them on IRS.gov.
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