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Alternative Minimum Tax exemption increases The Tax Relief Act of 2003 increases the Alternative Minimum Tax exemption by nearly 20% for both 2003 and 2004. The exemption has served to protect most taxpayers from being subject to the AMT. The new law will increase the AMT exemption by $9,000 on a joint return to $58,000, and by $5,000 for unmarried individuals to $40,750. A warning, however: Unless Congress extends these exemptions, they will revert to $35,750 and $49,000 in 2005. |
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