Even if you’ve never paid the Alternative Minimum Tax, before, you should not avoid this tax. Your taxes may accept afflicted so that this may be the year that you charge to pay AMT.
You may accept to pay this tax if your assets is aloft a assertive amount.
AMT attempts to ensure that taxpayers who affirmation assertive tax allowances pay a minimum bulk of tax.
Here are some things that you should apperceive about the AMT:
When AMT applies
You may accept to pay the AMT if your taxable income, additional assertive adjustments, is added than your absolution amount. Your filing cachet and assets actuate the bulk of your exemption.
In best cases, if your assets is beneath this amount, you will not owe AMT.
The 2014 AMT absolution amounts are:
You will abate your AMT absolution if your assets is added than assertive limits.
Use IRS e-file
Keep in apperception that AMT rules are complex. The easiest way to adapt and book your tax acknowledgment is to use IRS e-file.
The tax software you use to e-file will amount AMT for you if you owe the tax.
Try the tool
Use the AMT Assistant apparatus on IRS.gov to acquisition out if you charge to pay the tax.
Use the appropriate forms
If you owe AMT, you usually charge book Anatomy 6251, Alternative Minimum Tax – Individuals. Some taxpayers who owe AMT can book Anatomy 1040A and use the AMT Worksheet in the instructions.
Learn added about the AMT on IRS.gov. Also, see the Anatomy 6251 instructions. If you e-file your tax acknowledgment you don’t charge any cardboard forms to mail to the IRS. If you do charge a cardboard form, you can appointment IRS.gov/Forms to view, download and book what you charge appropriate away.
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