What Is Income for Alternative Minimum Tax?

Answer The alternative minimum tax functions as a separate tax system in the United States that eliminates many deductions and tax loopholes for taxpayers who income falls above a certain levels. Although... Read More »

Top Q&A For: What Is Income for Alternative Minimum Tax

Is there a minimum income to file for earned income credit?

There are no minimum income level requirements to file for the earned income credit. According to the Internal Revenue Service (IRS), several rules are in place regarding earned income tax credit e... Read More »

What is the minimum amount of income needed to pay federal income tax?

The minimum amount of money needed to pay income taxes depends on filing status. As of 2009, those who are single need to make more than $9,350 in order to pay. If filing as a head of household, th... 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 »