Alternative Minimum Tax
This handout gives a definition of what the alternative minimum tax (AMT) is and how it is applied. It also highlights some historical perspective on how the AMT has changed over the years.
AMT definition and explanation.
Activities that trigger AMT.
AMT "Patch" and changes implemented by the "fiscal cliff" legislation.
Credit for prior year AMT.
CLIENTS WHO MAY BENEFIT:
Taxpayers whose income is subject to the AMT.
Taxpayers whose financial activities may subject them to AMT in future years.