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Reply to "Help explain to me AMT tax"
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[quote=Anonymous][quote=Anonymous]It is a different tax system. You don't get all of the regular deductions, but you get a larger standard deduction. [/quote] The AMT standard deduction starts to phase out after you reach a certain income level: $115,400 for single people and $153,900 for married filing jointly ($76,950 for married filing separately). It phases out completely for single people with an income above $314,900 and married filing jointly with an income above $465,000 ($232,500 for married filing separately). Therefore, the AMT hits particularly hard on singles with incomes between $115,400 and $314,900 and married couples with incomes between $153,900 and $465,000. That encompasses lots of professionals in the Washington area. [/quote]
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