Alternative Minimum Tax

This handout gives a definition of what the alternative minimum tax (AMT) is and how it is applied. It also highlights some historical perspective on how the AMT has changed over the years.

HIGHLIGHTS: 

  1. AMT definition and explanation.

  2. Activities that trigger AMT.

  3. AMT "Patch" and changes implemented by the "fiscal cliff" legislation.

  4. Credit for prior year AMT.


CLIENTS WHO MAY BENEFIT:

  1. Taxpayers whose income is subject to the AMT.

  2. Taxpayers whose financial activities may subject them to AMT in future years.

Individual Income TaxClare FazackerleyAlternative Minimum Tax, Tax, 1040