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| Mar 2007 Tax Press Releases |
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| Feb 2007 Tax Press Releases |
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| Dec 2006 Tax Press Releases |
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| Feb 2006 Tax Press Releases |
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Online Alternative Minimum Tax AssistanceJan 26, 2007 Washington (IRS) — The Internal Revenue Service announced that it has updated its online tool to help taxpayers determine whether they may owe the Alternative Minimum Tax (AMT). Most taxpayers can enter their data and get an answer in five to 10 minutes using this Internet-based calculator, available at IRS.gov.
“Nobody likes the AMT. But this tool helps people learn quickly whether they’re going to be paying this tax,” said IRS Commissioner Mark W. Everson. “We also remind taxpayers that AMT calculations are automatic when you use e-file rather than filing a paper return.”
The online AMT Assistant is an automated version of the Worksheet to see if you should fill in Form 6251, Alternative Minimum Tax. The worksheet, contained in the Form 1040 Instruction Booklet, is used to determine how much AMT, if any, a taxpayer owes. The IRS projects that most taxpayers using the online AMT Assistant will find that the AMT does not apply to them.
The AMT Assistant is aimed at individual taxpayers and can be used by individuals, tax practitioners and community or public service organizations. All entries are anonymous. Taxpayers filing paper returns benefit the most from the AMT Assistant since electronic filing software generally computes AMT liability automatically.
By entering “AMT Assistant” in the IRS.gov search box, taxpayers can easily find the tool. To use the AMT Assistant, taxpayers must complete a draft Form 1040 through line 44 and have that information at hand to use the AMT Assistant, which is one of several online tools available on the IRS.gov.
See Related Item: AMT Assistant
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