Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Is the AMT Exemption Increased?

AMT increased
0
Posted

Is the AMT Exemption Increased?

0

Congress raised the exemption for the alternative minimum tax for 2009 so it would not catch millions more taxpayers. It was bumped from $69,950 in 2008 to $70,950 in 2009. The AMT generally applies to people in high-tax states and people with large families. It’s expensive to fix this problem. The revenue estimate for this one-year patch was $70 billion over 10 years. Estimated cost is $69.759 billion over 10 years.

Related Questions

Thanksgiving questions

*Sadly, we had to bring back ads too. Hopefully more targeted.