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Reply to "Help explain to me AMT tax"
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[quote=Anonymous]It is an entirely separate method of calculating your tax liability that eliminates or modifies some of the available deductions. There isn't a set income limit, but the folks most likely to end up having to pay it make between $150,000 and $415,000. Despite being silly in many ways, it is well-designed in the sense that it is hard to circumvent. If you need to pay it, there's a good chance there's no way you're getting around it. Some approaches that might work are itemizing your deductions rather than taking the standard deduction, using your employer's HSA or flex spending accounts, if available, deferring state tax payments, and avoiding taking too many personal deductions.[/quote]
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