AMT adjustment for inflation

[JenMO]

Was that fixed for every year or do we wait to see if it gets fixed each year? trying to do some 2014 planning

[appelman]

It is inflation adjusted.

See:

http://www.irs.gov/uac/Newsroom/In-2014,-Various-Tax-Benefits-Increase-Due-to-Inflation-Adjustments

[OtisMozzetti]

phaseout of AMT exemption? and AMT 26%/28% tax rate brackets

The link given tells the amounts of the AMT exemption for tax year 2014, but the numbers for the phaseout of the AMT exemption (those are the folks that usually might actually have to pay AMT) and the numbers for the 26%/28% tax rate brackets are not included. I guess I should go look at Revenue Procedure 2013-35, which is referenced in the IRS article at the link given, to see whether that tells anything.

[OtisMozzetti]

trying to do some 2014 planning

...? trying to do some 2014 planning

So, I went to Rev. Procedure 2013-35 by searching in irs.gov, and found the following:

for tax year 2014:

START POINT OF 28% (instead of 26%) Alt. Min. Tax rate:
182,500 for MFJ,S,HOH,QW
91,250 for MFS

START POINT of AMT EXEMPTION PHASEOUT (at rate of 25% of excess AMT income)
MFJ "or surviving spouse" 156,500
"Unmarried individuals other than surviving spouses" (that will end up including S,HOH, and QW): 117,300
MFS and Estates & Trusts: 78,250

EXEMPTION AMOUNTS:
MFJ "or surviving spouses": 82,100
"Unmarried individuals other than surviving spouses": 52,800
MFS: 41,050
Estates & Trusts: 23,500


Maybe it is just determined by my research skills or lack thereof, but I had been unable thus far to find that in the Deluxe TaxBook materials I had. Since I don't want to speak ill of Tax Materials, I assume that I just couldn't find it, though in case it wasn't already there, this would be a suggestion to come out with the information to aid those who wish to do some tax planning.

[Nashville]

First Year

The Tax Book will probably make one of these things part of its "What's New" where various tables are presented to us showing tax brackets for 5-6 previous years, mileage rates, std deductions, etc. as well as the most recent year available. The information might even be in the current version somewhere but keep in mind this was an 11th hour action by congress competing with 11th hour publication time for TTB.

Sadly enough, inflation adjustment for AMT is a new thing, and for years the public suffered for a 40+ year tax that had never been inflation-adjusted.