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Returning Member
posted Dec 24, 2022 7:10:12 AM

Alternative Minimum Tax (ATM): how to calculate easily so that I can reserve money for 2023 taxes?

Hi all-first timer here. Without going thru Form 6251, I am wondering if there is a simple way to estimate what my taxes will be like for tax year 2023 since I will be taking my Required Minimum Distribution (RMD) for the first time and it will push me over the exemption amount of $81,300? In 2023, I won't have any significant deductions that would get me anywhere near the Standard Deduction.

Would I be taxed the 26% on my total income (Social Security, Pension and RMD)? 

Thanks in advance for your help!

 

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1 Best answer
Level 15
Dec 24, 2022 7:17:04 AM

See https://www.irs.gov/taxtopics/tc556

 

The chances you are subject to AMT are remote based upon what you described in your post.

2 Replies
Level 15
Dec 24, 2022 7:17:04 AM

See https://www.irs.gov/taxtopics/tc556

 

The chances you are subject to AMT are remote based upon what you described in your post.

Returning Member
Dec 27, 2022 6:42:13 AM

Thank you, very much!

TPM