Homework Answers
| Alternative Minimum Tax | |||
|
The new AMT exemptions and phase-out thresholds |
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Tax Filing Status |
2017 AMT Exemption Amount | 2018 AMT Exemption Amount | |
| Single or head of household | $54,300 | $70,300 | |
| Married filing jointly | $84,500 | $109,400 | |
| Married filing separately | $42,250 | $54,700 | |
| . | Aaron Total Income for Year 2018 | ||
| From firm | $ 300000 | ||
| Income on Interest | $ 200000 | ||
| Total Income for year | $ 500000 | ||
| Less: | Exempted | $ 70300 | |
| Taxable Income | $429700 | ||
| Note: | Aaron comes in single category hence, he will get $ 70,300 AMT exemption | ||
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