Tax Law Highlights - 2012

Alternative Minimum Tax - 2012


American Taxpayer Relief Act (ATRA) increases the exemption amounts for 2012 to $50,600 (individuals), $78,750 (married filing jointly), and $39,375 (married filing separately).
The exemptions continue to phaseout for alternative minimum taxable income over certain amounts. ATRA indexes the exemption and phaseout amounts for years after 2012.
The new law also allows the nonrefundable personal credits to reduce AMT.
Prior to ATRA, AMT exemptions for 2013 were scheduled to be $33,750 (individuals), $45,000 (married filing jointly and surviving spouse), and $22,500 (married filing separately), with nonrefundable personal credits not being allowed to reduce AMT
Answer Provided by: CPAdirectory

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