Here are five things you should know about the AMT:
1. Know when the AMT applies. You
may have to pay the AMT if your taxable income, plus certain adjustments, is
more than your AMT exemption amount. Your filing status and income define the
amount of your exemption. In most cases, if your income is below this amount,
you will not owe the AMT.
2. Know exemption amounts. The
2015 AMT exemption amounts are:
• $53,600 if you are Single or Head of
Household.
• $83,400 if you are Married Filing Jointly or
Qualifying Widow(er).
• $41,700 if you are Married Filing
Separately.
You will reduce your AMT exemption if your income
is more than a certain amount.
3. Use IRS e-file. Keep in mind
that the AMT rules are complex. The easiest way to prepare and file your tax
return is to use IRS
e-file. The tax software will figure the AMT for you, if you owe the
tax.
4. Try the tool. Use the AMT
Assistant tool on IRS.gov to find out if you need to pay the tax.
5. Use the right forms. Usually,
if you owe the AMT, you must file Form
6251, Alternative Minimum Tax – Individuals. Some taxpayers who owe the AMT
can file Form
1040A and use the AMT Worksheet in the instructions.
Learn more about the AMT on IRS.gov. You can also see the Form 6251 instructions. If you e-file your tax return you don't need any paper forms to mail to the IRS. If you do need a paper form, you can visit IRS.gov/Forms to view, download and print what you need right away.
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