AMT Exemption Amount
You are allowed to deduct an exemption amount from your AMT income, based on your filing status and your income. For 2002, these amounts are:

• Single - $35,750

• Married filing joint return - $49,000

• Married filing separate return - $24,500

• Head of household - $35,750

• Qualifying widow(er) - $49,000

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). The $49,000 exemption amount is completely phased out when AMT income reaches $346,000.

• $112,500 if your filing status is single or head of household.The $35,750 exemption amount is completely phased out when AMT income reaches $255,500.

• $75,000 if your filing status is married filing a separate return. The $24,500 exemption amount is completely phased out when AMT income reaches $173,000.