Does anyone know what the "expanded" AMTI exemption amounts are for 2018? Thanks!
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AMT May be Gone
According to the new tax bill, the AMT was supposedly repealed for 2018. There have been several versions so I don't know whether the provision ended up in the final bill or not. At some point it was supposed to be repealed. -
$70,300 (Single) and $109,400 (MFJ).
Corporate AMT was repealed, but unfortunately not Individual AMT.Comment
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Unfortunate? The key features of AMT were simply moved into the regular tax regime. No personal or dependent exemptions, high standard deduction (which the AMT calls an exemption), limited itemized deductions. If there was any simplification at all, it was due to this. Will the average taxpayer understand this?"You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard
"That's enough! When you didn't know what you were talking about, you really had something! [to Curly]" -Moe HowardComment
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What about the Kiddie Tax AMT exemption rules? Are they modified?DougComment
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Kiddie Tax will no longer based on the parent's tax bracket, but is uses the "Trust" tax brackets (with some modifications), which go up much quicker.
As for where AMT falls into that, I'm not sure.Last edited by TaxGuyBill; 12-26-2017, 01:29 PM.Comment
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