10 tax changes for 2008

2. AMT exemption increased

The alternative minimum tax, or AMT, is levied on people who benefit from special deductions and credits. It ensures that these people are still taxed.

For the 2008 tax year, Congress boosted the adjusted income levels that people must exceed to be subject to the AMT. They are:

  • $69,950 for a married couple filing jointly, up from $66,250
  • $34,975 for a married person filing separately, up from $33,125
  • $46,200 for singles, up from $44,350

For more on the AMT, click here.

(istockphoto.com)
2. AMT exemption increased The alternative minimum tax, or AMT, is levied on people who benefit from special deductions and credits. It ensures that these people are still taxed. For the 2008 tax year, Congress boosted the adjusted income levels that people must exceed to be subject to the AMT. They are: $69,950 for a married couple filing jointly, up from $66,250 $34,975 for a married person filing separately, up from $33,125 $46,200 for singles, up from $44,350 For more on the AMT, click here .