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Pima Arizona Form 1040 (Schedule Eic): What You Should Know
Calculate and track your taxes. This online utility provides you with information on filing, tax deductions, credits, and more. Federal tax information The federal tax code contains much information that is not in Publication 15 or Publication 15-A. If, after reviewing the IRS publication, you still need more guidance, you may contact the Internal Revenue Service by e-mail at, or by visiting your local IRS Taxpayer Assistance Center. To view Tax Bulletin 2007-10 or follow the instructions, go to . How much is the federal alternative minimum tax? The basic minimum tax is the federal income tax for individuals with adjusted gross income (AGI) less than or equal to 200,000. If you have a joint return, and you are subject to both an individual and/or joint alternative minimum tax, your combined total of required payments will be reduced to 100. (If you claim a charitable deduction, the amount of the charitable deduction will be considered your shared refund and is thus reduced.) For a return filed for tax year 2007, the exemption amounts for the joint return are: 200,000 for joint filers or 150,000 if married filing separately; 400,000 if married filing jointly or 200,000 if married filing separately. The “individual” and “joint” alternative minimum tax are assessed at a rate of up to 30 percent of adjusted gross income and do not apply to noncash disbursements like contributions to a retirement plan (an IRA, 401(k) or similar plan). Payments made by the taxpayer on account of noncash disbursements of other benefits, such as retirement, home mortgage or education loans, are exempt from the individual and joint alternative minimum taxes. An individual has adjusted gross income as of the regular filing date for the preceding tax year plus all the following: For individuals over 65; 60,200 For individuals over 65; 59,050 For individuals over 65 plus 12,400 For individuals under 24; 19,800 For individuals under 24; 19,780 For singles, married filing separately or head of household; 9,100 If you do not have adjusted gross income and/or are under a different age, you are considered a child with respect to the credit.
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