Taxes 101
Tax Credits And Deductions

Alternative Minimum Tax

For tax year 2015, the AMT exemption amounts will increase to $53,600 for single and head of household filers, $83,400 for married filing jointly or qualifying widower, and $41,700 for married filing separately. Taxpayers can also deduct nonrefundable personal credits in 2015 such as the child tax credit to reduce their AMT liability.