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The Alternative Minimum Tax for Individuals


Over time, the individual income tax has been used as a vehicle to promote various social and economic goals. This has been accomplished by according preferential tax treatment to certain items of income and expense. The net result, however, has been that by taking advantage of the preferences and incentives in the tax code, some individuals can substantially reduce their income taxes. Congress, in 1969, enacted the predecessor to the current individual alternative minimum tax (AMT) to make sure that everyone paid at least a minimum of taxes and still preserve the economic and social incentives in the tax code. The AMT is calculated in the following manner. First, an individual adds back various tax preference items to his taxable income under his regular income tax. This amount then becomes the AMT tax base. Next, the basic exemption is calculated and subtracted from the AMT tax base. A two-tiered tax rate structure of 26% and 28% is then assessed against the remaining AMT tax base to determine liability. The taxpayer then pays whichever is greater, the regular income tax or the AMT. Finally, the AMT tax credit is calculated as an item to be carried forward to offset regular income tax liabilities in future years.


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Older Versions:

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Sep 20,2012  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Mar 21,2012  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Aug 23,2011  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Jan 25,2011  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Dec 03,2010  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Nov 15,2010  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Nov 05,2010  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Mar 24,2010  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Jan 28,2010  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Sep 22,2009  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Apr 30,2009  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Feb 19,2009  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Feb 11,2009  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Jan 28,2009  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Jun 06,2008  Pages: 10]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: May 30,2008  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: May 06,2008  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Feb 07,2008  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Nov 01,2007  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Aug 22,2007  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Jan 09,2007  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Dec 01,2006  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: May 22,2006  Pages: 9]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Feb 22,2006  Pages: 8]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Oct 05,2005  Pages: 8]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Nov 15,2004  Pages: 10]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Apr 30,2004  Pages: 10]

The Alternative Minimum Tax for Individuals  [Order No: RL30149  Release Date: Jan 15,2004  Pages: 10]