What year is the calculation for? What is your filing status?
2010 but 2009 would be OK.
My filing status is married filing jointly.
Based on the information you provided, the AMT exemption should be 0 as it would get phased out
If I take $45000 as the exemption amount than your regular tax is higher than the alternative minimum tax. Hence, you are not subject to AMT
Even if I were to take 0 AMT exemption, the regular tax is higher than the alternative minimum tax. Hence, you will not be subject to AMT
Based on 2009 tax rates, your federal regular tax is $138,362
and your AMT tax (with $45K exemption) is $123,900 and AMT tax (with $0 exemption) is $136,500
Thank you for your input. You have confirmed that I have calculated the tax correctly. One point of clarification: The exemption amount is not an option since the standard exemption amount of $45,000 is reduced according to a formula based on the AGI. At 500,000 the exemption is reduced to 0. I do find it an interesting quirk of the AMT that the tax due at the higher amounts reverts to the regular tax at the higher levels of income.