IRS Develops On-Line Tool to Help Taxpayers Calculate AMT Liability
The Internal Revenue Service has developed a new on-line tool that allows taxpayers to determine whether they are subject to the Alternative Minimum Tax. The AMT Assistant allows a taxpayer to complete an on-line form which will calculate the amount of AMT that is owed by the taxpayer, if any.
To locate this tool, a taxpayer should access the IRS’ website at www.irs.gov and then enter “AMT Assistant” in the search box that appears in the upper right-hand corner of the website. The taxpayer must complete Form 1040 through line 44 to have the information necessary to complete the calculation. Step-by-step instructions are included to guide taxpayers through the process.
The IRS has provided that all taxpayers who use this tool shall remain anonymous and that it will not use or store any information that taxpayers enter into the AMT Assistant. For more information about the AMT Assistant, please contact Scott A. Martz at (513) 651-6881.