No need to use an AMT Calculator 2014, the PriorTax application will do the Alternative Minimum Tax Calculations For You!
Trying to figure out your AMT? There’s Alternative Minimum Tax Calculators out there to help you figure out your AMT total, or you can do the AMT calculations yourself.
Be honest though- do you really want to take the time out of your day to calculate your Alternative Minimum Tax? No way.
Rather than finding a 2014 AMT calculator, or doing the work yourself, use the PriorTax tax application to file your taxes and your AMT will be calculated for you.
What is the Alternative Minimum Tax?
The Alternative Minimum Tax is an additional tax calculated separately from regular tax. Individuals with a higher income are often subject to the Alternative Minimum Tax. The AMT sets a limit to the number of benefits someone can claim to reduce their tax total.
AMT tax rates differ from regular taxable income. The AMT Rates are as following;
Single, Married Filing Jointly, Qualifying Widower:
- 26% for alternative minimum taxable income (AMTI) of $182,500 or less
- 28% for AMTI over $182,500
Married Filing Separately:
- 26% for AMTI of $91,250 or less
- 28% for AMTI over $91,250
Who Doesn’t Have to Pay the Alternative Minimum Tax?
The AMT was initially created to ensure that high income taxpayers pay a minimum amount of income tax. With that said, there’s a exemption to those following below a certain income level. This exemption means most (but not all) lower and middle class income taxpayers are not subject to the AMT.
The 2014 AMT Exemption Amounts (those who do not have to pay AMT) includes those with income at or below the following amounts;
- Single or Head of Household: $52,800
- Married Filing Jointly or Qualifying Widower: $82,100
- Married Filing Separately: $41,050
Those earning over the amounts listed above may possibly fall into the AMT phase-out threshold.
To learn more on the Alternative Minimum Tax, visit the IRS AMT page dedicated to helping filers calculate AMT.
Calculating Your Alternative Minimum Tax
Luckily, you won’t have to go to the effort of calculating your AMT yourself. The PriorTax online tax application will do all your tax calculations for you. All you’ll have to do is enter your basic tax information. Then, you’re AMT will be calculated and your tax return filed.
Once the 2015 Tax Season begins, you’ll be able to quickly complete your 2014 taxes with PriorTax. Until then, you can use the application to get caught up on your prior year tax returns.
Photo via eFile989 on Flickr