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Another patch for the AMT.
The Emergency Economic Stabilization Act of 2008, which President Bush signed into law on October 3, contains an estimated $150 billion in tax incentives for individuals and businesses. The key provision in the new law for individual taxpayers is a yet another one-year "patch" for the alternative minimum tax (AMT). The patch increases the AMT exemption amount and allows nonrefundable personal credits to offset both regular tax and AMT. The increased exemption and broader availability of tax credits may keep you from owing the AMT for 2008.
Expanded exemptions
The AMT exemption amounts have been increased:
2007 Amount 2008 Amount
Singles and heads of households $44,350 $46,200
Married persons filing jointly $66,250 $69,950
Married persons filing separately $33,125 $34,975
If Congress does not address the AMT issue in 2009, the exemption amounts are scheduled to revert to $45,000 for joint filers, $33,750 for singles and heads of households, and $22,500 for married persons filing separately.
Taking credit
Usually, the only nonrefundable personal credits that can be used to offset both regular tax and AMT liability are the child tax credit, the adoption credit, and the retirement savers credit. The new law allows all nonrefundable personal credits to ...
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