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Tom Meaglia, ChFC®, AEP®, CLU®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

January/February 2020

What is the AMT?

While the most recent changes to federal income tax regulations reduced the number of people who must pay the Alternative Minimum Tax (AMT), the tax is sizabe if you're the one paying it.


As its name indicates, the AMT is an alternative to paying ordinary federal income taxes. Generally, it hits taxpayers with high income and deductions, with the latter including state and local taxes, mortgage interest and incentive stock options. The AMT disallows some credits and deductions typically allowed on an ordinary tax return.


By the Numbers
The AMT is designed to ensure wealthy individuals pay at least some income tax. The AMT exemption amount for 2019 for single and joint filers respectively is $71,700 and $111,700, with the exemption phasing out at $510,300 and $1,020,600. *


*https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2019


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