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What is the automatic deduction for 2023?

The 2023 standard deduction is $13,850 for single filers and those married filing separately, $27,700 for those married filing jointly, and $20,800 for heads of household. $13,850. $13,850.

What is the alternative minimum tax exemption for 2024?

The AMT exemption for 2024 is $85,700 and begins phasing out at $609,350 ($133,300 for married couples filing jointly, phasing out beginning at $1,218,700). The AMT exemption for 2023 was $81,300, phasing out at $578,150 ($126,500 for married couples filing jointly, phasing out beginning at $1,156,300).

What are the changes to the AMT in 2024?

Proposed changes Increasing the basic AMT exemption amount from $40,000 to the amount that corresponds to the lower threshold of the fourth federal income tax bracket, which is indexed annually to inflation and will be $173,205 in 2024. This basic exemption will be available to individuals and certain trusts.

What is the income limit for AMT in 2023?

The AMT is indexed yearly for inflation. For the 2023 tax year, its $81,300 for individuals and $126,500 for married couples filing jointly.

What are the proposed tax changes for 2024?

For 2024, the lowest rate of 10% will apply to individual with taxable income up to $11,600 and joint filers up to $23,200. The top rate of 37% will apply to individuals making above $609,350 and married couples filing jointly earning $731,200 or more.

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What are the current AMT rules?

Taxpayers who have incomes that exceed the AMT exemption may be subject to the alternative minimum tax. In 2023, AMT rates are 26% or 28%. The AMT exemption amount for certain individuals under 24 equals their earned income plus $8,800.

What are the AMT rules for 2023?

Alternative minimum tax 2023 Taxpayers who have incomes that exceed the AMT exemption may be subject to the alternative minimum tax. In 2023, AMT rates are 26% or 28%. The AMT exemption amount for certain individuals under 24 equals their earned income plus $8,800.

How is the amount of the alternative minimum tax determined?

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.

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What is the automatic deduction for 2023?

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