Alternative Minimum Tax (AMT)
Alternative minimum tax (AMT) is a tax originally created to ensure those with high income paid their fair share of taxes. Because the AMT exemption amount has not kept up with the cost of living, this tax has crept down to those in lower income tax brackets. This course focuses on AMT adjustments and completing the necessary forms for working with AMT.
Upon completion of this course, you will be able to:
- Identify AMT adjustment and preference items.
- Distinguish between temporary and permanent AMT adjustments.
- Determine the tax consequences for regular tax and AMT when incentive stock options (ISOs) are exercised and sold.
- Calculate the different depreciation amounts for regular tax and AMT.
- Complete Form 6251, Alternative Minimum Tax – Individuals.
- Complete Form 8801, Credit for Prior Year Minimum Tax – Individuals, Estates and Trusts.
This course includes an e-book. CPE is issued after exam is successfully completed.