Changes to the Alternative Minimum Tax as Proposed in 2025

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The document is the 2023 Schedule M1MTC, which outlines the process for claiming the Alternative Minimum Tax Credit in Minnesota. It provides detailed instructions for taxpayers who have paid Minnesota alternative minimum tax (AMT) in prior years but are not required to pay it in 2023. The schedule includes calculations for determining the credit based on previous AMT payments and outlines eligibility criteria, including specific adjustments and preferences that affect taxable income.
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In 2025, the additional standard deduction is: Single filers and heads of household: $2,000, or $3,200 if both 65+ and blind. Joint filers and surviving spouses: $1,600, or $3,200 if both 65+ and blind.
For the 2025 tax year, the AMT exemption is $88,100 for taxpayers filing as single and $137,000 for married couples filing jointly, per the IRS.
The Tax Cuts and Jobs Act of 2017 (TCJA) reduced the fraction of taxpayers who owed the AMT from 3% in 2017 to 0.1% in 2018, including from 27% to 0.4% of those earning $200,000 to $500,000 and from 61.9% to 2% of those earning $500,000 to $1,000,000.
For 2025, the standard deduction amount has been increased for all filers, and the amounts are as follows. Single or Married Filing Separately$15,000. Married Filing Jointly or Qualifying Surviving Spouse$30,000. Head of Household$22,500.
For the 2025 tax year, the AMT exemption increased to $88,100 for individuals and $137,300 for married couples filing jointly. For 2025, AMT exemptions phase out at 25 cents per dollar earned once AMT income (AMTI) reaches $626,350 for single filers and $1,252,700 for married taxpayers filing jointly.

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In the U.S., there are seven federal income tax rates: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. These rates will remain the same through the end of 2025 because of the Tax Cuts and Jobs Act (TCJA).
After 2025, the Tax Cuts Jobs Act is scheduled to expire, bringing major changes to the AMT. In 2026, the AMT system will revert to the pre-2018 rules, which may feel like new rules for those encountering them for the first time (and for those who had grown accustomed to the current TCJA rules).
This amount of taxable income under the AMT system is referred to as adjusted taxable income. Before 2024, AMT rules applied a flat 15% tax rate on adjusted taxable income. Starting in 2024, the government increased the AMT rate to 20.5%, which equals the rate for the second federal income tax bracket.

Related links

IRS clarifies rules for corporate alternative minimum tax

Nov 12, 2024 The Inflation Reduction Act created the CAMT, which imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations.

Learn more
The limits of the new corporate AMT: Why little has changed

Nov 13, 2024 In 2022, Congress reintroduced a corporate alternative minimum tax (CAMT) as part of the Inflation Reduction Act. The intent was clear:

Learn more

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