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Form 4626 online Bellevue Washington: What You Should Know
If you plan to move in and live in Bellevue in the future—there is no better time to consider all the pros, and some cons, of living in the city. What is AMT? Income and Property Tax The Alternative Minimum Tax (AMT) is a tax on the wealthy and well-off—a regressive tax. According to the IRS, Alternative Minimum Tax (AMT) is a “statutory tax on high-income taxpayers for their income, with certain restrictions, established to ensure, among other things, that the AMT is neither too onerous to administer nor is excessive in its impact on low- and moderate-income people.” The AMT is assessed on the “main” income of taxpayers with incomes over the AMT's rate bracket guidelines, at rates of 10.5 percent and 25 percent. The AMT is generally imposed regardless of whether an individual itemizes deductions (meaning that taxpayers can fill in a 1040-MISC to figure out what they itemize). However, the AMT can be avoided by paying the AMT on a Schedule A, Itemized Deductions, and declaring a small enough loss that the AMT does not apply (meaning that the loss would be too small to trigger the AMT). The AMT is levied annually on May 1st, based upon the date of filing. There is no tax on wages that exceed the AMT threshold amount of 128,950 (which is the maximum income for 2017). An individual may be assessed up to six hundred percent of the AMT if the individual has been in a joint return to the three calendar years immediately prior to the filing year. Taxing Status The AMT is not a tax on regular income, so if you are taxed at the same rate as a taxpayer who earns an extremely high salary—you do not have to worry about the AMT taking effect. In order to avoid getting slapped with the AMT, you should pay any state and Federal taxes due at the same time your federal taxes are filed. Alternative Minimum Tax (AMT) for Regular Income Those earning regular income have to pay the AMT, regardless of whether they itemize deductions. However, those earning less than what is considered “regular income” do not have to pay the AMT. In general, the IRS applies the percentage rate to the taxable amount of the AMT—the top bracket is 10.
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