Will You Owe the Alternative Minimum Tax?
How you can avoid paying the AMT now and later.
Will you run afoul of the Alternative Minimum Tax? A bill passed in May raising the AMT exemption may help you avoid paying the AMT.
Without the new law, the AMT exemption this year would have been $33,750 of taxable income for singles and $45,000 for married couples. The one-year fix for 2006 hikes those exemptions to $42,500 and $62,550, respectively, sparing an estimated 19 million taxpayers from the AMT.
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