Checklist of What Rules and Information the IRS Will Be Verifying

Other Taxes - Alternative Minimum Tax

____ The tax laws give special treatment to some kinds of income and allow special deductions and credits for some kinds of expenses. People who benefit from these items may have to pay at least a minimum amount of tax through the alternative minimum tax. If your taxable income for regular tax purposes, combined with certain adjustments and tax preference items, is more than: - $45,00 if your filing status is married filing a joint return (or a qualifying widow(er) with dependent child), - $33,750 if your filing status is single or head of household, or - $22,500 it your filing status is married filing a separate return; you correctly computed your alternative minimum tax on Form 6251.

____ You limited the amount exempt from alternative minimum tax for children under the age of 14 to their earned income plus $1000.

Next Section: Self-Employment and FICA Tax

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© 1986, 1998 to 2002, Jack Warren Wade, Jr.