1. Business & Finance

Discuss in my forum

Alternative Minimum Tax

By , About.com Guide

Definition:

The alternative minimum tax (AMT) is part of the U.S. tax system. This tax is imposed on individuals to assure that they pay at least the minimum tax. Taxes must be calculated using the regular system and the AMT system. Whichever system results in the most taxes paid is used. The AMT is often triggered by high personal exemptions or many miscellaneous deductions or medical expenses.

©2012 About.com. All rights reserved.

A part of The New York Times Company.