Alternative Minimum Tax

The IRS’ recently-released statistics for the tax filing season. At income levels up to $100,000, fewer than 1% of taxpayers are in the AMT. For income levels between $100-200,000, this increases to 6%. After this At the $200,000 level up through $500,000, 70% of the taxpayers in this group are paying the Alternative Minimum Tax.
Unless Congress specifically addresses the issue with another AMT Patch, this

This is not a complete list but the following items may trigger the AMT. Itemized deductions such as taxes, interest, on home equity loans used for nonresidential purposes, medical expenses and miscellaneous investment or job expenses. Claiming a substantial number of exemptions for dependents or Certain tax-exempt interest, accelerated depreciation or incentive stock options.

Children under age 24 who are subject to the Kiddie Tax have a AMT Exemption equal to the child's earned income plus$6,950 ( $6,800 in 2011).

The standard deduction is not allowed in the Alternative Minimum Tax calculation. You may consider itemizing your deductions even if less than the standard when you are subject to the Alternative Minimum Tax.