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On the Money: Understanding the alternative minimum tax

March 3, 2008

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The alternative minimum tax (AMT) has gradually expanded to include more and more taxpayers.

Originally conceived by Congress as a method to prevent people with high incomes from using special tax breaks to pay no tax, AMT income requirements and deduction rules are perplexing. A number of Web sites provide good information about the tax:

¢ Bankrate.com (www.bankrate.com/yho/itax/Edit/ tips/Stories/alternative_tax.asp) covers tax rates and deductions.

¢ Fairmark (www.fairmark.com/amt/amt101.htm) provides a brief overview.

¢ Internal Revenue Service (www.fairmark.com/amt/amt101.htm) can tell you if you could be subject to the tax this filing season. Select the "Alternative Minimum Tax (AMT)" link.

¢ Tax Foundation (www.taxfoundation.org/ publications/show/498.html) offers basic facts and background.

¢ TurboTax (www.turbotax.intuit.com/support/ kb/tax-content/tax-tips/5069.html) contains common questions and answers about the AMT.

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