Hi my name is Bijan Golkar CFP with FPC investment advisory we're going to talk about the alternative minimum tax more commonly known as AMT chances are if you live in a state with high income tax rates like California New York or New Jersey you know exactly what I'm talking about the alternative minimum tax has a lot of misconceptions and can seem overly complicated at times it is my hope today that we can easily explain the basics and give you a better understanding of how it works it can be daunting to read the facts and figures of AMT so we put together a nice easy-to-understand illustration highlighting the key components of the tax system alternative minimum tax was signed into law in 1969 by President Nixon it was initially designed to close loopholes where the super wealthy would pay no to very little federal income taxes unfortunately the legislation is now capturing a growing number of middle-class families such as the Joneses the basic problem with AMT is that it was not designed to take into account inflation and the rising cost of living because of these forces it now applies to hundreds of thousands of middle-class families the alternative minimum tax typically falls on those earning between 150 and 600,000 dollars of annual income in essence AMT is a separate income tax calculation most software systems do this automatically without you even knowing it let's take a look at the Joneses 2023 taxes we prepared check out the blue line this is our normal income tax the red line is their AMT tax calculation when their family income lands in the area with the star you will notice they are now subject to AMT since it is higher than their normal tax wait what how...
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4626 Form: What You Should Know
Mississippi Department of Safety And Permits. Hurricane Ida. Notice of Availability. Form 4626-D. Mississippi. Mississippi Driver's License and ID Card Registration. Form 5611(2), Federal Insurance Contributions Act. Form 6617(f), Income Tax Return. California: Form 6617. Kansas: Form 6617-A (Individual). Form 6617. California: Schedule A. Washington: Form 6617. Washington State: Schedule B. Form 16601. Hawaii. Form 6617(g), Federal Insurance Contributions Act (FICA). Form 6617-A: Individual. Alabama. IRS Notice 2011-15. Mississippi. Revised Annual Highway Users' Fee Revenue Act (LAURA) Notice. Form 5611-2, Federal Insurance Contributions Act (FICA); Supplemental Form 8655-1; Supplemental Form 8655-2(a). California. California. Proposed law. (2015). Final bill (2016). (2015). Final bill. Form 6617: Individual. California. Proposed law. (2015). Final bill (2017). Form 7616(h). Georgia. Form 2616, Employer's State Unemployment Insurance (UI) Tax Return (Part 1 of Section 9); Form 6601(d). Georgia. Proposed law. (2016). (2016). Proposed law. (2016). Final bill. Form 3601, Individual Federal Insurance Contributions Act (“FICA”), Medicare (Part S).
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