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IRS online calculator to offer help with AMT.
Byline: Kathleen Lynn
Jan. 6--One of the most annoying things about the alternative minimum tax (AMT) is that taxpayers may not even realize it applies to them.
The Internal Revenue Service is responding to this problem with a new online calculator, called the AMT Assistant, to help taxpayers figure out whether they have to worry about the AMT.
The AMT was created in 1969 to make sure that wealthy taxpayers didn't use loopholes to completely avoid paying federal income tax. But as inflation has increased incomes, more and more taxpayers who consider themselves middle-class have had to pay the AMT. Although Congress has enacted temporary fixes to …
