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Daly City California online Form 1040: What You Should Know
Get the Friendly and Professional Service You Deserve. Tax Preparation Services (EZ and AMT) If you were a single/married individual with taxable income of 100,000 (up from 75,000 in 2014) and no children, if your Adjusted Gross Income (AGI) was 120,000 or more, and you were living in California for less than 3 years, then you might qualify for the AMT. In this case it's important to know about the difference between the AMT and the EZ. Here's a bit more detail about the differences between the AMT and the EZ: The AMT reduces your Federal Income tax by a fixed percent each year. If you take the standard deduction you would lose that percent (the Standard deduction is always 6,350 in 2014, and 12,700 in 2024 and 2016). With the AMT you would be taxed at the same “alternative minimum tax” rate you would be paid for “ordinary income”. You could find additional information at the IRS website. The AMT applies to individuals and couples with taxable income below certain thresholds. In 2014, these thresholds are: Individual Taxpayer Married Taxpayers 0 – 94,325 < 150,000 12,700 150,000 - 250,000 26,350 250,000 - 499,999 58,900 > 1,000,000 88,900 The AMT is a deduction to reduce your taxes at your federal individual tax rate or in some states at the alternative minimum tax rate (if you use the AMT; if you do not use the AMT, the IRS will tax you at your AGI). The AMT can reduce your Federal Tax bill by up to 1/4 of a percentage point. In other words, if you were taxed as if your taxes had been 30,000, and you had the AMT, the AMT would reduce your taxes by 24,050, or 1/4 0.4 0.8 = 7,975. However, if you had owed 40,000 in taxes and did not choose to use the AMT, you would have owed 30,000 in taxes.
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