You may be subject to Alternative Minimum Tax (AMT).
Good news:The number of taxpayers subject to the AMT is expected to drop dramatically in tax years 2018 through 2025, due to higher exemptions and phase-out thresholds.
In calculating the AMT, you cannot take itemized deductions for state and local income tax, real estate taxes and personal property taxes, even though these are deductible on your regular return.
If you have the AMT tax, it will be on your IRS Schedule 2, Part 1, Line 1. Your return will also include Form 6251 that shows the calculations for your AMT tax.
Related information:
[Edited 3-10-2020|8:02 am PST]
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