Individual Taxation: AMT

Question 1

What are the AMT exemptions?

Answer 1

MFJ: $109,400 (reduced by 25% of the excess of AMTI over $1M)
MFS: $54,700 (reduced by 25% of the excess of AMTI over $500K)
SINGLE/HOH: $70,300 (reduced by 25% of the excess of AMTI over $500K)

Question 2

What are the AMT tax rates?

Answer 2

26% and 28%

Question 3

What is the credit carry forward period for AMT taxes paid?

Answer 3

Can be carried forward indefinitely (only to be used against future regular income taxes)