The Alternative Minimum Tax may apply to you if your income is above a certain amount.
You may have to pay the tax if your taxable income plus certain adjustments is more than the AMT exemption amount for your filing status.
The 2012 AMT exemption amounts for each filing status are:
• Single and Head of Household = $50,600;
• Married Filing Joint and Qualifying Widow(er) = $78,750; and
• Married Filing Separate = $39,375.
AMT attempts to ensure that some individuals and corporations who claim certain exclusions, tax deductions and tax credits pay a minimum amount of tax.
Owe the IRS and need help? Call to request the Free Tax Resolution Form (800)790-8574 or contact us via web at www.advancetaxrelief.net
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