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What are the exclusion items for AMT?

Exclusion items are only the following AMT adjustments and preferences: certain itemized deductions (including any investment interest expense reported on Schedule E), certain tax-exempt interest, depletion, the section 1202 exclusion, the standard deduction, and any other adjustments related to exclusion items.

What is the 2024 exemption for AMT?

The Alternative Minimum Tax exemption amount for tax year 2024 is $85,700 and begins to phase out at $609,350 ($133,300 for married couples filing jointly for whom the exemption begins to phase out at $1,218,700). IRS provides tax inflation adjustments for tax year 2024 irs.gov newsroom irs-provides-tax-inflati irs.gov newsroom irs-provides-tax-inflati

How do I avoid alternative minimum tax?

You can offset any AMT liability by nonrefundable personal tax credits, such as the dependent care credit, and the foreign tax credit. You may also qualify for a minimum tax credit if you paid AMT in prior years.

What deductions are not allowed for AMT?

Itemized personal taxes are not deductible in calculating your income for AMT purposes. Claim docHub miscellaneous itemized deductions, including investment expenses or unreimbursed employee business expenses. Miscellaneous itemized deductions are not deductible for AMT purposes. How to Cut Your Alternative Minimum Tax - Investopedia investopedia.com articles amtbasics investopedia.com articles amtbasics

What is the personal exemption for AMT?

Taxpayers who had incomes that exceeded the AMT exemption of $81,300 (single), $126,500 (married filing jointly) and $63,250 (married filing separately) in 2023 may be subject to the alternative minimum tax when they file their 2024 tax return. AMT tax rates are 26% or 28%. Alternative Minimum Tax (AMT): Definition, Who Pays NerdWallet Taxes NerdWallet Taxes

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