I blogged earlier this month about the 10 million Americans that will be facing AMT for the first time this year. Guess what! The number has changed.
My question now is: … Are you one of the 19 million Americans that will be subject to AMT this year? Or rather, are you one of the 19 million MORE Americans who will be subject to it?
The IRS is so worried about the impact that they’re trying to forestall the firestorm. You can go to http://apps.irs.gov/app/amt2006/index.jsp?ck to take an online test to see if you’ll be subject to it this year.
Good luck! If you find that AMT will be an issue for you, make sure you check back to the Tax Loopholes Blog for tips on what to do if you’re subject to AMT.