Briefly discuss AMT, the purpose, and to whom it applies. United States Tax

Expert Solution

AMT –Alternative Minimum Tax which is alternative to Standard tax which is levied on Individuals, Corporations, Estates and Trusts.

Every Tax Payer Must Pay the Higher of AMT or Standard tax by calculating every year

The Purpose of AMT is earn huge income by government in order to reach the planning budget, It is first introduced in 1969 as an additional tax which is beneficial to the tax payers however As the year passing, it is add-on burden to tax payer and it is restricting the deductions which is provided by the government for the Promotion and welfare of the society, The Government is introduced for not to evaded the tax by Higher income people but finally it is huge impacting or burdening to small and medium levels of earners

2018 AMT exemption limit is set at single Individual $70,300, Joint Returns or Surviving Spouses $109,400 which doesn’t help for an individual for utilising the benefits available as because payment of AMT tax.

2017 AMT exemption limit is set at single Individual $54,300, Joint Returns or Surviving Spouses $84500 which result in increase of $16000 for single and 24900 for both Joint and Spouse, which may be increased in the year 2018 compare to 2016 and 2017 because hardness to individual and difficulty in unavailing the benefits or deductions by individual

Estates and Trusts are also need to follow the AMT tax i.e higher of the standard and AMT, Must need to pay by calculating the amt every Year.

ekkarill92 answered 1 year ago

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