The Tax Relief Act contains a trove of other tax breaks for businesses and individuals. One area of the tax-cut rules to be extended regards the Alternative Minimum Tax (AMT).
The AMT exemption amounts for 2010 will be $47,450 for individuals and $72,450 for married taxpayers filing jointly; for 2011, they will be $48,450 for individuals and $74,450 for married taxpayers filing jointly. The exemption amount for marrieds filing separately is half the amount for joint filers. (Without the “patch,” AMT exemption amounts would have plummeted to their pre-EGTRRA levels.) Also for 2010 and 2011, personal credits will be allowed against the AMT.
Please contact us with any questions you may have on AMT.
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