Did the American Taxpayer Relief Act of 2012 fix the AMT? Q.Did the American Taxpayer Relief Act of 2012 fix the AMT? A.The American Taxpayer Relief Act of 2012 (ATRA) prevented an explosion in the number of tax filers ensnared by the AMT. Nonetheless, some 5.2 million will pay the AMT in 2017. Read more about Did the American Taxpayer Relief Act of 2012 fix the AMT?
Who pays the AMT? Q.Who pays the AMT? A.The individual alternative minimum tax (AMT) primarily affects well-off households, but not those with the very highest incomes. It is also more likely to hit taxpayers with large families, those who are married, and those who live in high-tax states. Read more about Who pays the AMT?
What is the AMT? Q.What is the AMT? A.The individual alternative minimum tax (AMT) operates alongside the regular income tax. It requires many taxpayers to calculate their liability twice—once under the rules for the regular income tax and once under the AMT rules—and then pay the higher amount. Originally intended to prevent perceived abuses by a handful of the very rich, it now affects roughly 5 million filers. Read more about What is the AMT?
