The Alternative Minimum Tax may apply to you if your income is above a certain amount. Here are five facts the IRS wants you to know about the AMT:
1. You may have to pay the tax if your taxable income plus certain adjustments is more than the AMT exemption amount for your filing status.
2. The 2012 AMT exemption amounts for each filing status are:
4. You should use IRS e-file to prepare and file your tax return. You figure AMT using different rules than those you use to figure your regular income tax. IRS e-file software will determine if you owe AMT, and if you do, it will figure the tax for you.
5. If you file a paper return, use the AMT Assistant tool on IRS.gov to find out if you may need to pay the tax.