What is Alternative Minimum Tax?
The Alternative Minimum Tax (AMT) is an extra tax that some people have to pay in addition to their regular income tax.
AMT was designed to make sure that everyone pays a minimum amount of taxes every year. It provides an alternative set of rules for calculating your income tax. These rules are meant to determine the minimum amount of tax someone with your income should be required to pay. If your regular tax falls below this minimum, you have to make up the difference by paying alternative minimum tax.
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