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The following changes to the AMT went into effect for 2007.

The following changes to the AMT went into effect for 2007.
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Category : > Income Tax Filing Across The USA
Posted On : Fri Nov 26th,2010

The following changes to the AMT went into effect for 2007.

AMT exemption amount decreased.  The AMT exemption amount has decreased to $33,750 ($45,000 if married filing jointly or qualifying widow(er); $22,500 if married filing separately).

Exemption amount for a child.  The minimum exemption amount for a child under age 18 has increased to $6,300.

Hurricane Katrina additional exemption expired.  The additional exemption for taxpayers who provide housing for a person displaced by Hurricane Katrina has expired. Therefore, the additional exemption amount (formerly line 6 of Form 8914) is no longer allowable for the AMT.

Certain credits no longer allowed against the AMT.  The credit for child and dependent care expenses, credit for the elderly or the disabled, education credits, residential energy credits, mortgage interest credit, and the District of Columbia first-time homebuyer credit are no longer allowed against the AMT, and a new tax liability limit applies. This limit is your regular tax minus any tentative minimum tax (figured without any AMT foreign tax credit).


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