IRS Tax Tip 2013-17: Five Facts to Know about AMT

Internal Revenue Service (IRS) sent this bulletin at 02/20/2013 10:00 AM EST

IRS Tax Tips

February 20, 2013

Issue Number: IRS Tax Tip 2013-17

Inside This Issue

Five Facts to Know about AMT

The Alternative Minimum Tax may apply to you if your income is above a certain amount. Here are five facts the IRS wants you to know about the AMT:

1. 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.

2. 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.

3. AMT attempts to ensure that some individuals and corporations who claim certain exclusions, tax deductions and tax credits pay a minimum amount of tax.

4. You should use IRS e-file to prepare and file your tax return. You figure AMT using different rules than those you use to figure your regular income tax. IRS e-file software will determine if you owe AMT, and if you do, it will figure the tax for you.

5. If you file a paper return, use the AMT Assistant tool on IRS.gov to find out if you may need to pay the tax.

Visit IRS.gov for more information about AMT. You should also check Form 6251, Alternative Minimum Tax – Individuals and its instructions. Both are available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Additional IRS Resources:

IRS Free File
E-file Options
Alternative Minimum Tax (AMT) Assistant for Individuals
Tax Topic 556 - Alternative Minimum Tax
Form 6251, Alternative Minimum Tax – Individuals

IRS YouTube Videos:

Do Your Taxes for Free: Taxes Made Less Taxing - English | Spanish

Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov.

This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.

Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page. You will need to use your email address to log in. If you have questions or problems with the subscription service, please contact support@govdelivery.com.

This service is provided to you at no charge by the Internal Revenue Service (IRS).

IRS Tax Tip 2013-17: Five Facts to Know about AMT

Useful Links:

News Essentials

The Newsroom Topics

IRS Resources

Issue Number: IRS Tax Tip 2013-17

Inside This Issue