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Alternative Minimum Tax (AMT)
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The Alternative Minimum Tax (AMT) was originally targeted at wealthy people with creative tax advisors or large amounts of certain kinds of deductions and exemptions. Next year it just might apply to you. If Congress had not acted, 26.8 million taxpayers would have been affected by the AMT in 2008*. Will You Have to Pay the AMT?AMT percentages for certain Fidelity Municipal FundsIRS AMT Assistant – This calculator developed and maintained by the IRS helps you determine if you may be subject to the federal alternative mininum tax (AMT). *Source: Urban-Brookings Tax Policy Center Microsimulation Model (version 1006-1), July 3, 2008.
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