AMT Exemption

You are allowed to deduct an exemption amount from your AMT income, based on your filing status and your income. For 2007, these amounts are:

  • Single - $44,350

  • Married filing joint return - $66,250

  • Married filing separate return - $33,125

  • Head of household - $44,350

  • Qualifying widow(er) - $66,250

The exemption amounts are phased out for taxpayers with high AMT income. The exemption amounts are reduced by 25 cents for each $1 of AMT income in excess of:

  • $150,000 if your filing status is married filing joint return or qualifying widow(er).

  • $112,500 if your filing status is single or head of household.

  • $75,000 if your filing status is married filing a separate return.

For a child under age 18, the exemption amount is limited to the sum of $6,300 and the child's earned income.