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Will Congress ‘patch’ the AMT again?

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in Small Business Tax

Congress has “patched” the alternative minimum tax (AMT) each year for the past four years by bumping up the exemption amounts.

The likelihood is that another patch is in store for 2010, but it has not happened yet.

Below are the recent exemption amounts and the lower scheduled amounts for 2010 unless Congress takes action.


Filing status

2006

2007

2008

2009

2010

Joint filers

$62,550

$66,250

$69,950

$70,950

$45,000

Single filers

$42,500

$44,350

$46,200

$46,700

$33,750

Tip: The exemption amounts phase out by 25 cents for each dollar of AMT income above $150,000 ($112,500 for single filers). The phaseout thresholds have not been patched in recent years.

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