The alternative minimum tax (AMT) calculation determines whether a taxpayer must pay an additional amount beyond their regular income tax liability. To calculate AMT, taxable income is adjusted by ...

The alternative minimum tax could increase your tax bill. See what triggers AMT and how to know if it applies to you.

The alternative minimum tax (AMT) is a separate tax system that makes sure people with high incomes still pay some tax, even if they have a lot of deductions. It removes some common deductions, like ...

IRS Form 6251, titled Alternative Minimum Tax—Individuals, determines how much alternative minimum tax (AMT) you could owe. In order for wealthy individuals to pay their fair share of income tax, ...

The foreign tax credit can help mitigate the impact of the alternative minimum tax (AMT) for taxpayers with income taxed abroad. While the AMT limits certain deductions and credits, it does allow a ...

Yes. There are two factors that contribute to the imposition of AMT. There are “exclusion items” and “deferral items.” Examples of an exclusion item include miscellaneous itemized deductions and state ...

Upcoming changes to the alternative minimum tax (AMT) system, set to apply as of Jan. 1, 2024, could impact high-income earners, but also Canadians who have once-in-a-lifetime gain on the sale of a ...

The federal government has followed through on its promise in last year’s budget to update the alternative minimum tax (AMT), which is a parallel tax calculation that allows fewer deductions, ...