Navigating the AMT: Understanding Exemptions and Thresholds in 2024

Dr. Friday Tax Tips
Dr. Friday Tax Tips
Navigating the AMT: Understanding Exemptions and Thresholds in 2024
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In this informative episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, President of Dr. Friday’s Tax and Financial Firm, sheds light on the complexities of the Alternative Minimum Tax (AMT) and its exemptions. She highlights the significant updates for 2024, including the increased exemption amount to $85,700 for individuals, which phases out at $600,000. For married couples, the exemption begins at $133,300. Dr. Friday emphasizes the importance of understanding these changes to avoid the pitfalls of this often overlooked aspect of tax planning. Given the tricky nature of AMT, she encourages listeners to reach out to her office for personalized advice. The episode also reminds listeners of the opportunity to engage with Dr. Friday live on her call-in show every Saturday afternoon.

Transcript

G’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.

Alternative minimum tax exemptions. We all know about the hidden tax code within the tax code. In fact, there’s multiple ones, but AMT tax can be a sneaky one. In this one, they’ve increased the tax up to $85,700. So you won’t most likely start paying AMT tax until you hit $85,700. And that’s the beginning and it phases out at $600,000. For married couples, it starts at $133,300 in the year of 2024. This can be a sneaky one, and if you’re not sure if you’re going to have to pay AMT, you need to call my office at 615-367-0819.

You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.