Hell hath no fury like a person who just found out the alternative minimum tax applies to them. The IRS has set up an online tool to figure out if you do.
Alternative Minimum Tax
The alternative minimum tax is a procedure that was set up to keep the richest of Americans from avoiding tax paying responsibilities. As is typical of the federal government, the failed to include any language adjusting for income growth and so on. As a result, the alternative minimum tax creams many taxpayers even though it was never intended to cover them.
So, why dont our beloved leaders just amend the relevant codes? Politicians giving up money they can spend on wars and favorite, but unnecessary, projects in their districts to keep voters happy? Surely, you arent that nave anymore. Oh, they will talk about repealing or modifying it, but it just never seems to happen. Hmmmm
To determine if the alternative minimum tax applied to your situation, you have to take a very simple step. Fill out your taxes using both the regular 1040 forms and the alternative minimum tax forms. What a complete waste of time. Fortunately, the IRS seems to agree.
Much like those handy...
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