"If you're a middle-class homeowner in New York State, there's a good chance you're in the AMT," said Paul Gevertzman, a partner with accounting firm Anchin, Block & Anchin. "It's unfair, and it's not what was intended when the tax was created in the 1960s, but proposals to repeal the AMT never go anywhere."
The AMT was "fixed" two years ago, insofar as the exemption amount and the phaseout thresholds for the exemption were finally indexed for inflation as part of the American Taxpayer Relief Act. Up to that point, more than 20 million taxpayers annually faced the possibility of having to pay the AMT if Congress didn't approve a patch adjusting the exemption amount.
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The exemption for 2014 is currently $52,800 for single filers and $82,100 for married couples filing a joint return, and it is now permanently indexed for inflation.
The exemption begins to phase out on income over $115,400 and is fully phased out for taxpayers earning more than $323,000. The AMT tax rate is 26 percent on income up to $179,500 and 28 percent on income above that threshold.