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Taxes Depending on a taxpayers level of Adjusted Gross Income (AGI), the total amount of all the itemized deductions shown on Schedule A of the Form 1040 may not be deductible for Regular Tax purposes a reduction may apply. For 2009, this AGI level is $166,800 for all taxpayers other than those with the Married Filing Separately status, in which case it is half, or $83,400. This limitation works in the following manner: from the total of all itemized deductions, one subtracts Medical Expenses, Investment Interest Expense and Casualty Losses these are not subject to the limitation. From this reduced total an amount that is 1% of the excess of AGI over $166,800 is subtracted. This is the portion of the taxpayers itemized deductions for which no Regular Tax benefit is received. Note that there also is a limitation so that the taxpayer cannot lose more than 2/3 of 80% of the total itemized deductions, but this is rarely encountered. This wonderfully complicated mechanism is in actuality a hidden tax increase, the apparent brainchild of not-very-well-known former Representative Don Pease of Ohio. This is why it sometimes is referred to as the Pease provision. Itemized deductions also are disallowed under the AMT, but here a completely different approach is taken. Rather than simply lopping a percentage off the total, the AMT limitations are calculated on an individual deduction-by-deduction basis. For example, state and local taxes are not deductible at all, some interest expense is not deductible, and the medical deduction is subject to a different percentage limitation. With this difference, there is no need for the overall Regular Tax itemized deduction limitation to apply. As an example, assume a taxpayer has a total of $20,000 in itemized deductions, and that this Regular Tax limitation reduced allowable deductions by $1,000, so that only $19,000 was deductible for the Regular Tax. Since the starting point for calculating the AMT, as shown on Line 1 of IRS Form 6251, is Regular Tax taxable income, this $1,000 adjustment has to be given back. That’s why Line 6 on the Form 6251 is a negative number. After this adjustment is made the individual itemized deduction limitations for the Alternative Minimum Tax are now calculated. About the Author: George Bauernfeind is with AMTIndividual, providing analysis, customized strategies, and an online dual tax calculator / planner to help you reduce your Alternative Minimum Tax. Visit or for access to this tax software and to read more tax planning articles on the Alternative Minimum Tax. Article Published On: 相关的主题文章: