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Old 01-06-2013, 01:30 PM   #1
Fjobe
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Did they increase the alternative minimum tax exemption?

I have been trying to find information about whether or not they have increased the alternative minimum tax exemption. I am having a hard time figuring out if what I am reading is stuff that actually happened or just proposals.

I have found one article that has me pretty satisfied that they did increase it for 2012, but I would like to know for sure. It makes over a $1000 difference on our taxes. Have they increased the alternative minimum tax exemption?
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Old 01-06-2013, 01:45 PM   #2
Christine
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I don't know anything about it being an "exemption" but as part of the "fiscal cliff" deal, they put in a permanent inflationary index. This never used to be the case with the AMT. Every year, they would have to put a bill through to "patch" the AMT to match inflation. At a whim, they could decide not to do it. With the fiscal cliff deal, they made the patch permanent so whatever the threshhold is for hitting the AMT, it will increase every year.
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Old 01-06-2013, 02:01 PM   #3
Fjobe
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Quote:
Originally Posted by Christine View Post
I don't know anything about it being an "exemption" but as part of the "fiscal cliff" deal, they put in a permanent inflationary index. This never used to be the case with the AMT. Every year, they would have to put a bill through to "patch" the AMT to match inflation. At a whim, they could decide not to do it. With the fiscal cliff deal, they made the patch permanent so whatever the threshhold is for hitting the AMT, it will increase every year.
Thank you! That was pretty much what I had read, but I wanted to be sure it was a passed deal and not a proposal. Thanks for your help!
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