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Form Instructions 8801 North Carolina: What You Should Know

Example 4 from Guide to IRS Publication 15. Tax tables for the state of California and the city of Milwaukee. Doing the math Form 8801 is one of the most significant documents to file with the IRS in 2014. It is one of the most difficult forms to prepare, but very important with taxpayers under AMT. The AMT law requires a taxpayer to file a form when their qualified lower personal income tax liability exceeds the sum of their Adjusted Gross Income (AGI) and the AMT exemption amounts they owe. For individual taxpayers, the AMT rules take effect for taxable years beginning after April 15, 2010. For joint filers, the requirements start early — and the AMT tax is assessed at the end of the taxable year. For the 2024 tax year, if the AGI of your spouse exceeds 1 million, you and your spouse will have to pay the highest AMT rate. Even in states that do not provide a “negative” AMT exemption, or in other words, they do not lower your regular tax rate below 10 percent, if your AGI exceeds the limit, your regular tax rate will get stuck at 10 percent. And for joint filers, the total tax you have to pay when your spouse's AGI exceeds 1 million would be 1,040,000. The AMT is an incentive to lower the tax you pay on your income. Under the AMT, you can claim certain exemptions if your regular tax rate is zero. You get this exemption only if you are an individual taxpayer. The AMT law can reduce the amount that tax is actually collected. Because of the AMT requirements, it is hard for people to prepare returns with enough details about their finances to make sure they have enough to exempt themselves. But, the benefits is that, under the AMT law, only the AMT tax is deductible. So, if the AMT is paid, it will lower your tax bill, but it doesn't save you money. In return for the benefit, however, many taxpayers are willing to meet the AMT tax requirements. Many states have their own definition of the AMT tax rate. In North Carolina, the tax rate is generally 3.8 percent for all income under 400, which excludes the AMT exemption of 150,000. If you qualify as an individual taxpayer but not as a head of household, you get to keep all of your AMT exemptions.

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