Thursday, January 05, 2006

IRS Introduces AMT Assistant Electronic Worksheet

This week, the IRS introduced the AMT Assistant, which allows a taxpayer to determine whether they may be subject to the Alternative Minimum Tax. While I hope that Congress passes an AMT "patch" for the 2005 tax season early in 2006, the IRS initiative is potentially quite helpful--extremely so if you are a taxpayer with AGI of $60,000 or more (probably less than this if MFS or Single) and planning to file with pen[cil] and paper. Even if you are using a paid preparer or tax software, the AMT Assistant may be worth your while as a way of checking whether Form 6251 should be filed.


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