Are cash contributions deducted in Alternative Minimum Tax?

Answer Cash contributions are deductible in the Alternative Minimum Tax with proper documentation. The IRS requires either a bank record, a payroll deduction or a receipt for the cash contribution that li... Read More »

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When Could 529 Contributions Be Deducted from Pennsylvania State Taxes?

A 529 plan is a tax-deferred savings account earmarked for higher education. You can open such a plan for your own children or to benefit someone else's child. Under federal law, as of 2011, you ca... Read More »

Alternative Minimum Tax Qualifications?

Alternative minimum tax, or AMT, is a tax amount that someone with a specific income should pay. For filers who are already paying this much or more, the AMT is of no consequence to them. Filers wh... Read More »

What is an alternative minimum tax?

The alternative minimum tax is a tax that is designed to eliminate deductions and credits. It increases a tax payer's liability "for an individual who would otherwise pay less tax," according to th... Read More »

Consequences of an Alternative Minimum Tax?

In 1969, Congress created the Alternative Minimum Tax (AMT), which was designed to catch people who earned over $200,000 but paid little or no income tax because of the exemptions they received. Wh... Read More »