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New Member
posted Jun 5, 2019 2:58:03 PM

Car and Truck Expense Worksheet - what does AMT stand for?

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1 Best answer
Intuit Alumni
Jun 5, 2019 2:58:04 PM

The term AMT is an abbreviation for Alternative Minimum Tax.

The AMT uses an alternative definition of taxable income called Alternative Minimum Taxable Income (AMTI).  AMT is levied at two rates: 26 percent and 28 percent. The AMT exemption amount for 2018 is $70,300 for singles and $109,400 for married couples filing jointly.

1 Replies
Intuit Alumni
Jun 5, 2019 2:58:04 PM

The term AMT is an abbreviation for Alternative Minimum Tax.

The AMT uses an alternative definition of taxable income called Alternative Minimum Taxable Income (AMTI).  AMT is levied at two rates: 26 percent and 28 percent. The AMT exemption amount for 2018 is $70,300 for singles and $109,400 for married couples filing jointly.