Are You Among The 30,000,000 Who Will Have to Pay Alternative Minimum Tax?
by Roger Chartier:
The Alternative Minimum Tax is hanging over some people’s heads like the “Sword of Damocles”.
It was created around 50 years ago and has had alterations by Congress every two or three years.
These ‘patches” are amounts of money that you can use as a deduction from your adjusted gross. The point is to help to keep you under the amount where Alternative Minimum Tax would kick in. Of course not everyone will fall into the category so they get hit with this AMT.
We haven’t gotten through the beginning of 2012 yet and we are waiting to learn what amount, if it will pass through Congress, and if so, from when would it apply?
If passed, it most likely would be retro-active.
Reports from the media tell me that more than $20,000,000 people would have to pay the AMT that didn’t last year.
The Alternative Minimum Tax worksheet, form 6251 is a worksheet designed by our friends at the IRS to determine if you have to pay or not.
More Homework – Read about the AMT Tax
Read more about the Alternative Minimum Tax and other taxes at