Is amt considered a local tax. I don’t understand.

juanitalg · ‎April 1, 2020

AlanT222 · ‎April 1, 2020

What is the Alternative Minimum Tax (AMT) in 2019?

As the name says, it's an "alternative" tax which we calculate behind-the-scenes, along with your regular federal tax. If the alternate method results in a higher tax than the regular method, you pay the difference on top of your regular tax.

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hbl3973 · ‎April 1, 2020

juanitalg,

The short answer is no.

AMT stands for Alternative Minimum Tax, a system put in place about half a century ago to ensure millionaires didn't end up paying little or no income tax because of various deductions and tax strategies. Most states also have an AMT. Only a small percentage of taxpayers have to worry about it, although TurboTax does the necessary calculations for every return.