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.
3.
Use IRS e-file. Keep in mind that AMT rules are complex. The easiest way to
prepare and file your tax return is to use IRS e-file. The tax software
you use to e-file will figure AMT for you if you owe the tax.
4.
Try the tool. Use the AMT Assistant tool on IRS.gov to find out
if you need to pay the tax.
5. Use the right forms. If
you owe AMT, you usually must file Form 6251,
Alternative Minimum Tax – Individuals. Some taxpayers who owe AMT can file Form 1040A and
use the AMT Worksheet in the instructions.
Learn more about the AMT on
IRS.gov. Also, see the Form 6251 instructions. 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.
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