Alternative Minimum Tax for Individuals

Overview

The alternative minimum tax (AMT) system is a parallel tax system, requiring the application of the AMT rates to a broader tax base than the regular taxable income.

This course presents a comprehensive review of the computation of the individual AMT. Although all of the preferences and adjustments are listed, only the itemized deduction adjustment is reviewed in detail.

Learning Objectives

Upon completion of this course, students will be able to:

  • identify the purpose and principles underlying the basic application of the AMT to individuals
  • identify the taxpayers subject to the AMTidentify the tax formula for the AMT
  • identify the levels of income and adjustments that generally result in the AMT
  • determine the AMT adjustment for itemized deductions for an individual taxpayer
  • identify the other AMT adjustments and preferences for an individual taxpayer
  • recognize the AMT rates for an individual taxpayer
  • determine the AMT exemption amount for an individual taxpayer

Designed For

CPAs, EAs, and other tax professionals

Prerequisites

Familiarity with the concept and application of Form 1040 deductions, adjustments to income and individual tax credits, and the calculation of itemized deductions on Form 1040 Schedule A

WebCE® is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
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