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What is a 'Amt patch'?

Following enactment of the American Tax Relief Act (ATRA), the annual “AMT patch” legislation that Congress had to pass every year to ensure more people were not snagged by the Alternative Minimum tax is now no longer required.

How do I know if I'm paying the Amt?

The simplest way to see why you are paying the AMT, or how close you came to paying it, is to look at your Form 6251 from last year. Compare the Tentative Minimum Tax to your regular tax (Tentative Minimum Tax should be the line above your regular tax) to see how close you were to paying the AMT.

How much is Amt phasing out?

The exemption begins phasing out at: Single: $578,150; Married Filing Jointly: $1,156,300; Married Filing Separately: $578,150 (2024 amounts). What triggers AMT liability? Common triggers include exercising ISOs, large state/local tax deductions, private activity bond interest, and certain mortgage interest deductions.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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