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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.
In 2008, 26.5 million taxpayers are projected to pay the AMT *.
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), November, 2006.
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