IRS Form: Draft Individual Alternative Minimum Tax Form Instructions for 2020 (IRC §55)

Draft instructions to Form 6251, Alternative Minimum Tax—Individuals, released August 19 with changes made to reflect the repealed excess business loss limitation of noncorporate taxpayers, changed exemption amounts, and changed tax brackets. For 2020, the exemption amounts will be $72,900 ($113,400 if married filing jointly or qualifying widow(er); $56,700 if married filing separately). The amount used to determine the phaseout of your exemption has increased to $518,400 ($1,036,800 if married filing, the draft instructions note. For 2020, the 26% tax rate applies to the first $197,900 ($98,950 if married filing separately) of taxable excess. [Draft IRS Form 6251 Instructions ...