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What You Should Know about the AMT
Grossman St. Amour CPAs PLLC
February 2015

Even if you've never paid the Alternative Minimum Tax before, you should not ignore this tax. Your taxes may have changed so that this may be the year that you need to pay AMT. You may have to pay this tax if your income is above a certain amount. AMT attempts to ensure that taxpayers who claim certain tax benefits pay a minimum amount of tax.

Here are some things that you should know about the AMT:

  1. When AMT applies. You may have to pay the AMT if your taxable income, plus certain adjustments, is more than your exemption amount. Your filing status and income determine the amount of your exemption. In most cases, if your income is below this amount, you will not owe AMT.
  2. Exemption amounts. The 2014 AMT exemption amounts are:

" $52,800 if you are Single or Head of Household.
" $82,100 if you are Married Filing Joint or Qualifying Widow(er).
" $41,050 if you are Married Filing Separate.

You will reduce your AMT exemption if your income is more than certain limits.
 

For more information about AMT, please click here to contact our office, or call 315.701.6350.

Source:  IRS.gov




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110 West Fayette Street, One Lincoln Center, Suite 900 • Syracuse, NY 13202
T 315.424.1120   F 315.422.0829   info@gsacpas.com
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