Term
|
Definition
Regular taxable income
Plus (add back) NOL deduction
Plus or minus AMT adjustments
Plus: tax preferences
= Alternative minimum taxable income
Less: exemption
x AMT rate
Less: select credits
= AMT |
|
|
Term
|
Definition
1. standard deduction
2. medical expenses
3. miscellaneous itemized deductions (those subject to 2% floor)
4. taxes from Schedule A
5. refund of taxes (always subtraction)
6. home mortgage interest not due to acquisition
7. investment interest expense
8. others |
|
|
Term
| AMT adjustment: medical expenses |
|
Definition
| calculated using a 10% floor instead of 7.5% |
|
|
Term
|
Definition
MFJ: 45,000
S/HH: 33,750
MFS: 22,500 |
|
|
Term
|
Definition
1. foreign tax credit
2. retirement savings credit
3. refundable child tax credit |
|
|
