i have a taxable income in $252K... do i need to pay Alternative minimum taxes ? is there a threshold of $250K and i have to pay over the excess [$2K]?
The TT program will automatically compute any AMT taxes if you need to pay them.
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. The AMT calculation is complicated. Review Form 6251 Alternative Minimum Tax - Individuals for the exact calculation.
See How will tax reform affect my 2018 federal tax return?
How is AMT calculated?
The AMT calculation is complicated and beyond the scope of this article, but here’s an outline of how it works:
Related Information: