Alternative Minimum Tax (AMT)

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 Funds


IRS 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.

 

The tax information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Fidelity does not provide legal or tax advice. Fidelity cannot guarantee that such information is accurate, complete, or timely. Laws of a particular state or laws which may be applicable to a particular situation may have an impact on the applicability, accuracy, or completeness of such information. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre– and/or after–tax investment results. Fidelity makes no warranties with regard to such information or results obtained by its use. Fidelity disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Always consult an attorney or tax professional regarding your specific legal or tax situation.


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