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Do I need to calculate the for the quarterly worksheet on…

do I need to calculate...
do I need to calculate the AMT for the quarterly worksheet on the 1040ES if total income is less than $250K a year?
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Answered in 1 hour by:
3/20/2018
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,759
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. Sorry for the delayed response, I was away from the computer. Answer to your question in the next thread.

Ask Your Own Tax Question

When figuring your estimated tax amount, yes, you need to calculate the AMT. SEE BELOW:

-----------------------------

How does it work?

  1. Calculate your tax liability for your taxable income under the regular system.
  2. Add back to your taxable income a number of deductions and breaks you may have enjoyed under the regular system (see below for details) to determine your AMT income.
  3. From your AMT income, subtract the exemptions allowed based on your filing status.
  4. Recalculate your tax liability according to the AMT rates.
  5. If this amount is higher than that calculated under the regular system, you have to pay the higher amount.

REFERENCE SOURCE:

https://www.nerdwallet.com/blog/taxes/alternative-minimum-tax-amt/

-------------------------------------

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Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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