Amt


Also found in: Dictionary, Medical, Acronyms, Encyclopedia, Wikipedia.

Alternative Minimum Tax (AMT)

A federal tax aimed at ensuring that wealthy individuals, estates, trusts, and corporations pay a minimal level income tax. For individuals, the AMT is calculated by adding adjusted gross income to tax preference items.

Amt

In Denmark and Germany, a political subdivision equivalent to a county.

AMT

Alternative minimum tax (AMT).

The alternative minimum tax (AMT) was designed to ensure that all taxpayers pay at least the minimum federal income tax for their income level, no matter how many deductions or credits they claim.

The AMT is actually an extra tax, calculated separately and added to the amount the taxpayer owes in regular income tax. Some items that are usually tax exempt become taxable and special tax rates apply. For example, income on certain tax-free bonds is taxable.

Increasing numbers of taxpayers trigger the AMT if they deduct high state and local taxes or mortgage interest expenses, exercise a large number of stock options, or have significant tax-exempt interest.

Alternative Minimum Tax (AMT)

A method of computing tax under which some of the income and deductions reported on the forms and schedules filed with your tax return are figured differently or disallowed. For example, interest on certain tax-exempt bonds is taxable for the alternative minimum tax, certain itemized deductions are not allowed when figuring the alternative minimum tax, and the alternative minimum tax has its own exemption amount, not based on the number of exmptions claimed on your tax return. A taxpayer pays the larger of the "regular tax" or the alternative minimum tax. The alternative minimum tax is computed on Form 6251.
References in periodicals archive ?
7 billion cost for the one-year fix to the AMT has been an ongoing source of debate between the House and the Senate.
Increase and index for inflation the AMT brackets and exemption amounts, and eliminate phaseouts.
While real estate taxes are deductible against regular income tax, they are not permitted in the AMT system.
We met with a small group of AMT members during the convention and discussed the different concerns that AMT members in Manila face.
This time around, the Gordons aren't taking any chances, They am consulting with their tax professional on an end-of-year tax strategy to ensure that they don't get ensnared in the AMT trap again.
The couple argued that since the section 216 deduction had not been specifically disallowed, it was permitted in computing the AMT.
I asked Robert McIntyre of the Citizens for Tax Justice why these upscale professionals were so upset about the AMT.
Even assuming the corporate AMT made sense when it was enacted in 1969, it now lacks a legitimate tax policy basis.
Hoffman has a passion for the dental industry and a clear vision of what it will take to meet our performance objectives -- the Board is pleased to turn the operations of AMT over to his leadership.
AMSTERDAM, March 7, 2011 /PRNewswire-FirstCall/ -- Amsterdam Molecular Therapeutics (AMT) (Euronext: AMT), a leader in the field of human gene therapy, announced today that the Duchenne Parent Project, based in the Netherlands, has awarded AMT a grant of EUR 145,000 to support the development of AMT-080, AMT's gene therapy for Duchenne Muscular Dystrophy (DMD).
As the Presidential race promises to be a history-making event, AMT continues to forge ahead with its own history-making membership levels: We now stand at an all-time high of 41,268 active, certified members in good standing.
Cherecwich expressed hope that Congress was serious about simplification and sees these AMT changes "as a positive step forward in recognizing that the corporate AMT is a problem and complex.