What tax breaks do you lose under the AMT?

Itemized personal taxes are not deductible in calculating your income for AMT purposes. Claim significant miscellaneous itemized deductions, including investment expenses or unreimbursed employee business expenses. Miscellaneous itemized deductions are not deductible for AMT purposes.

How many years can you carry forward the AMT credit?

If you could not claim your entire credit in six years, any remaining amounts of AMT that you paid were forfeited. Under current tax law, you can carry forward your AMT credit for up to 20 years. For most taxpayers, that length of time will be sufficient to ensure that they can claim the entire credit due to them.

How long can you carry forward minimum tax credit?

The amount of MTC that can be applied in any taxable year is limited because the MTC cannot reduce regular tax below the TMT, but any unused MTC can be carried forward indefinitely. (See IRC 53 and R&TC 23453.)

What is the AMT threshold for 2023?

Higher AMT exemptions. The AMT is indexed yearly for inflation. For the 2023 tax year, it's $81,300 for individuals and $126,500 for married couples filing jointly. For the 2024 tax year, it's $85,700 for individuals and $133,300 for married couples filing jointly.

What is the AMT tax carryover?

More Info On AMT Credit Carryforward Option. The Prior-Year Minimum Tax Credit lets you get back money you paid as an AMT in a prior year. You can only claim this credit in a year when you don't have to pay AMT. You can't use the credit to reduce your AMT liability in the future.

How does the minimum tax credit work?

The minimum tax credit is generally the amount of adjusted net minimum tax for all tax years reduced by the minimum tax credit for all prior tax years ( Code Sec. 53).

What is the income tax rate in Maine for 2024?

For unmarried or legally separated individuals who qualify as heads-of-household, if the taxable income is: less than $39,050, the tax is 5.8% of Maine taxable income; $39,050 but less than $92,450, the tax is $2,265 plus 6.75% of the excess over $39,050; or $92,450 or more, the tax is $5,870 plus 7.15% of the excess ...

Is capital loss carryover the same as AMT?

Because the amount of your gains and losses may be different for the AMT, the amount of any capital loss carryover may also be different for the AMT.

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