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AMT exemption amounts for 2022 SingleMarried, filing separatelyExemption amount$75,900$59,050Income at which exemption begins to phase out$539,900$539,900The AMT exemption amount for certain individuals under 24 equals their earned income plus $8,200. Oct 21, 2022
To figure out whether you owe any additional tax under the Alternative Minimum Tax system, you need to fill out Form 6251. If the tax calculated on Form 6251 is higher than that calculated on your regular tax return, you have to pay the difference as AMT in addition to the regularly calculated income tax.
The new Colorado income tax rate is 4.40%, beginning in the 2022 tax year. In 2020, proposition 116 reduced the income tax rate to 4.55%.
You may need to file Form 6251 if you have specific AMT items. If you need to report any of the following items on your tax return, you must file Form 6251, Alternative Minimum Tax, even if you do not owe AMT. Home mortgage interest on a loan that you did not use to buy, build or improve your home.
In addition to the 4.55 percent income tax, some Colorado taxpayers with higher taxable incomes are also required to pay a state alternative minimum tax (AMT). Individuals, estates, and trusts are subject to the AMT, while corporations are exempt.
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The AMT is the excess of the tentative minimum tax over the regular tax. Thus, the AMT is owed only if the tentative minimum tax for the year is greater than the regular tax for that year. The tentative minimum tax is figured separately from the regular tax.
AMT Household Income Phase-Out Thresholds The Federal AMT rate is 26% or 28% depending on where your AMT income level falls. The income in the calculation includes normal income plus any ISO exercise gain minus the AMT exemption amount. This creates your adjusted gross income (AGI).
Use Form 6251 to figure the amount, if any, of your alternative minimum tax (AMT). The AMT applies to taxpayers who have certain types of income that receive favorable treatment, or who qualify for certain deductions, under the tax law.
These are some of the most likely situations: Having a high household income. If your household income is over the phase-out thresholds ($1,079,800 for married filing jointly and $539,900 for everyone else), and you have a docHub amount of itemized deductions, the AMT could still affect you.
A good strategy for minimizing your AMT liability is to keep your adjusted gross income (AGI) as low as possible. Some options: Participate in a 401(k), 403(b), SARSEP​, 457(b) plan, or SIMPLE IRA by making the maximum allowable salary deferral contributions.

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