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Printable Form Instructions 8801 Saint Paul Minnesota: What You Should Know

X Form 8949, Alternative Minimum Tax: Information Return Form 8802, Miscellaneous Information Return (21) The Alternative Minimum Tax is intended as a revenue measure to ensure individuals, estates, and trusts pay tax without being burdened by tax compliance requirements that may make compliance unreasonably costly. (22) The Alternative Minimum Tax (AMT) is an excise tax on the rich. The AMT is a per-couple, per-person, per-child tax that is charged on the higher-income taxpayers whose incomes are above certain thresholds. The AMT is meant to provide relief to American households with very large taxable incomes by requiring such households to pay some tax on income above certain thresholds. Because the AMT is progressive, it applies to everyone except the very rich. When an individual, estate, or trust files his or her tax return for a taxable year as a taxpayer, no AMT may be imposed. However, under the AMT regulations, if a taxpayer owes the AMT, there are specific exceptions that may permit a tax to be imposed at any time during the taxable year, including: a.) If the taxpayer is married, filing a joint return, and is subject to the same AMT as his or her spouse, only the amount of Federal income tax that actually applies to the taxpayer is subject to this AMT and is paid on that portion of the taxpayer's Federal income tax rate that exceeds either the AMT threshold for that year, or the threshold of the AMT threshold for the taxpayer's filing status with the IRS. For example, assume that the rate for the married individual who filed Schedule A for the 2024 taxable year was 50,000 and no other taxpayers are subject to the AMT except the married taxpayer, he or she would owe no AMT if he is subject to Section 63(a) of the Internal Revenue Code for the 2024 tax year. This is because under the AMT, there is no requirement that a taxpayer subject to the AMT have the same amount of taxes paid on income as his or her spouse, subject to the AMT definition of ``married filing separately'' for purposes of the IRS tax form 1040. (See also note 11 below.) b.) A taxpayer is a taxpayer if the taxpayer is an individual or an estate, trust, or group of related persons that includes one or more individuals, estates, trusts, or groups of related persons.

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