Alternative Minimum Tax (AMT) Exemptions Increased. Until 2005, AMT exemption amounts have been increased for both married and single taxpayers. The exemption phaseout thresholds and percentage remain the same.
For 2003 and 2004, the AMT exemption amount for married taxpayers filing a joint return is increased from $49,000 to $58,000. The AMT exemption amount is increased to $40,250 for unmarried taxpayers and $29,000 for married taxpayers filing separate returns.
For 2005, the AMT exemption amounts will be lowered back to 2000 levels.
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