2022 Alternative Minimum Tax (AMT) Income Threshold and Exemption Amounts (2022)

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.

Instead the AMT exemption and associated thresholds based on filing status are now tied (or indexed) to inflation (CPI) and updated by the IRS every year. The latest AMT thresholdsare shown in the tables below, which reflect marginal year over year increases.

Covered in this Article:

(Video) Alternative Minimum Tax Explained (AMT Rules Explained 2018) (How Alternative Minimum Tax Works)

2022 AMT Thresholds and Exemptions

The IRS has released official 2022 AMT data and here are updates to the AMT exemption amounts by filing status. The updated table below shows year over year changes.

  • Married filing jointly/surviving spouses – $118,100
  • Unmarried individuals (other than surviving spouses) – $75,900
  • Married filing separately – $59,050
  • Estates and trusts – $26,500

AMT Exemption and Income ThresholdDetails

Filing StatusAMT Exemption AmountExcess Taxable Income Rate of 28% (AMTI)AMT exemption phase out range

2022 AMT Thresholds and Exemptions by Filing Status

Single$75,900$206,100$539,900 (to $843,500)
Joint Returns or Surviving Spouses$86,200$206,100$1,079,800 (to $1,552,200)
Married Individuals Filing Separate Returns$59,050$103,050$539,900 (to $776,100)

2021 AMT Thresholds and Exemptions by Filing Status

Single$73,600199,900$523,600
Joint Returns or Surviving Spouses$86,200199,900$1,047,200
Married Individuals Filing Separate Returns$57,300$99,950$523,600

2020 AMT Thresholds and Exemptions by Filing Status

Single$72,900$197,900$518,400
Joint Returns or Surviving Spouses$84,500$197,900$1,036,800
Married Individuals Filing Separate Returns$56,700$98,950$518,400

The AMT is complex, but it basically has two tax rates and inflation adjusted income thresholds used to figure out one’s AMT liability. See the original update below for details and examples on how the AMT works.

Note that the Corporate AMT, applicable to corporations, were fully eliminated under the last tax reform bill. The higher limits for the individual AMT are also only temporary and will expire on Jan. 1, 2026, unless extended by Congress before then.

(Video) What is Alternative Minimum Tax (AMT)? | Tan Phan, MSFP, CFP®

How the AMT works

Everybody should pay their fair share of taxes, right? It would be difficult to find somebody whodoesn’tbelieve that but in reality it’s not that simple. The tax code is a complicated document which gives rise to a number of loopholes that are widely known (and used) by the nation’s wealthy as well as corporations in the United States.

In contrast, if you’re a low or middle income earner, it’s much more difficult to reduce your tax burden. Of course most people don’t like taxes but they understand why they have to pay them which is what sparks a little bit of outrage when they learn of some of the nation’s rich getting some big tax breaks.

Not all of the nation’s rich have a problem with paying their fair share, though. Noted investor and one of the world’s richest men, Warren Buffet, believes that not only should the nations rich pay their fair share and more, he offered to prepay some of his tax burden to the government totaling nearly $3 billion!

For the rest of the nation’s rich whoaren’tas forthcoming with their money as Mr. Buffett, the tax code includes a vaguely understood tax called the alternative minimum tax, or AMT which tries to ensure that the “rich” are taxed appropriately.

What is the AMT?

For the nation’s rich who can write off a lot of their income, the alternative minimum tax assures that regardless of their deductions, they will always pay a minimum amount. Think of it as an alternative set of tax rules that go in to effect for those people who qualify for special tax benefits. It was originally designed to affect just 155 Americans. Now, it may potentially affect tens of millions.

There’s a reason it has made the news for the past few years and it has nothing to do with the small percentage of the population that qualifies as the nation’s rich. The AMT is now affecting more and more middle income earners, despite Congress making multiple increases to the exemption amounts.

(Video) Alternative Minimum Tax simplified. Explained with example CPA Exam REG. Income Tax Course

Why the Middle Class?

For those of you with a few years under your belt, think back to what was considered filthy rich in 1969. You would probably agree that “rich” was a lot less than what it is today. The reason that the AMT is now affecting middle class Americans is because the IRS has never adjusted the AMT tax for inflation (until the fiscal cliff fix discussed above). According to the IRS, what was rich in 1969 is the same amount as it is today.

How many will be affected? According to one study, 31 million Americans will be affected this year and if you make between $75,000 and $100,000, you might be one of those who have to pay over and above your normal tax rate.

How much is the hit?

If your income is above the AMT exemption levels (see table below), there are a different set of rules and rates for figuring your taxes. E.g. The AMT tax rates start at 26% and cap out at 28%. In contrast, regular tax rates start at 10% and cap out at 35%. Secondly, a host of tax benefits and deductions (like state taxes) that are available under the normal tax rules are not available if you fall under AMT rules. In other words, far less deductions and a higher effective tax rate!

The AMT exemptions are phased out by 25% of the excess of alternative minimum taxable income (AMTI) over $150,000 for married persons filing a joint return and surviving spouses, $112,500 for singles. Estates and trusts also face AMT and their exemption level remains unchanged at $22,500.

In reality the only way to really figure out if you owe the AMT is to do your taxes twice – once with the AMT rules described here and under standard (1040) IRSrules. I recommend you use some good tax software to help you or if your return is complicated, I suggest seeing an accountant.

If your tax liability under the standard tax rules is higher you don’t need to worry about the AMT tax rates. But if your taxes under the AMT rules and exemptions are higher, then you need to pay extra, making up the difference between the standard and AMT tax liability.

(Video) Alternative Minimum Tax (AMT) Credit Examples | Tan Phan, MSFP, CFP®

For a detailed breakdown and to calculate your specific AMT liability I suggest you use reputable tax software or visit the IRS website and complete their AMT tool or use the worksheet in Form 1040 or 6251.

Here are two basic examples to show how AMT works:

Let’s assume that you do your taxes and calculate your tax at $35,000. In contrast, your tax under the Alternative Minimum Tax rates is only $31,000. Since the AMT is lower than the normal tax, you are not subject to the AMT.

What if you calculate your tax under traditional tax rules to be $35,000 but under AMT rules, your tax is $39,000? You fall under the AMT rules and you have to pay the $39,000. To make it painfully simple, the government will take the highest of the two amounts.

How Can I Avoid the AMT?

The realistic truth is that it’s very difficult – unless you are happy to have an income below the exemption amount. Some people time their quarterly tax payments, only claim certain deductions, and, with the help of their tax advisors, employ other strategies but for most it’s not an easy task.

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(Video) AMT overview | Taxes | Finance & Capital Markets | Khan Academy

FAQs

2022 Alternative Minimum Tax (AMT) Income Threshold and Exemption Amounts? ›

“The Alternative Minimum Tax exemption amount for tax year 2022 is $75,900 and begins to phase out at $539,900 ($118,100 for married couples filing jointly for whom the exemption begins to phase out at $1,079,800).”

How much is AMT exemption? ›

AMT exemptions
Type of taxpayer2017 exemption2021 TCJA exemption
Single filer$54,300$73,600
Married filing jointly or qualifying widow(er)$84,500$114,600
Married filing separately$42,250$57,300

What are the tax rates for 2022? ›

2022 Tax Brackets for Single Filers and Married Couples Filing Jointly
Tax RateTaxable Income (Single)Taxable Income (Married Filing Jointly)
10%Up to $10,275Up to $20,550
12%$10,276 to $41,775$20,551 to $83,550
22%$41,776 to $89,075$83,551 to $178,150
24%$89,076 to $170,050$178,151 to $340,100
3 more rows

What is the alternative minimum tax AMT exemption amount for married filing separately? ›

AMT exemptions

Exemption amounts for 2020 are: Married filing jointly or qualified widow(er) — $113,400. Single or head of household — $72,900. Married filing separately — $56,700.

What is threshold AMT? ›

An alternative minimum tax (AMT) places a floor on the percentage of taxes that a filer must pay to the government, no matter how many deductions or credits the filer may claim. The United States currently has an alternative minimum tax for taxpayers who earn above certain thresholds.

What is AMT exemption for 2021? ›

AMT Exemption for 2021

The alternative minimum tax (AMT) exemption for 2021 is: $114,600 for married individuals filing jointly and surviving spouses, $73,600 for single individuals and heads of households, $57,300 for married individuals filing separately, and.

What is the personal exemption for 2022? ›

The personal exemption for tax year 2022 remains at 0, as it was for 2021, this elimination of the personal exemption was a provision in the Tax Cuts and Jobs Act.

Are tax rates changing in 2022? ›

Although the tax rates didn't change, the income tax brackets for 2022 are slightly wider than for 2021. The difference is due to inflation during the 12-month period from September 2020 to August 2021, which is used to figure the adjustments.

What will the standard deduction be for 2022? ›

For the 2022 tax year, the standard deduction is $12,950 for single filers and married filing separately, $25,900 for joint filers and $19,400 for heads of household.

How do I calculate my AMT 2021? ›

The 2021 AMT rate of 28% applies to the excess of $199,900 for married filing jointly taxpayers. $199,900 (2021 AMT limit for 26% tax rate) X 26% = $51,974. ($312,000 - $199,900) X 28% = $31,388. $51,974 + $31,388 = $83,362.

What is the AMT exemption for 2020? ›

The AMT exemption amount for 2020 is $72,900 for singles and $113,400 for married couples filing jointly (Table 3). In 2020, the 28 percent AMT rate applies to excess AMTI of $197,900 for all taxpayers ($98,950 for married couples filing separate returns).

What is the alternative minimum tax and how does it work? ›

What is alternative minimum tax (AMT)? The alternative minimum tax, or AMT, is calculated using a different set of rules meant to ensure certain taxpayers pay at least a minimum amount of income tax. AMT calculations limit certain breaks for some taxpayers so their tax bill is higher. AMT rates are 26% or 28%.

What is the AMT exemption for 2020? ›

The AMT exemption amount for 2020 is $72,900 for singles and $113,400 for married couples filing jointly (Table 3). In 2020, the 28 percent AMT rate applies to excess AMTI of $197,900 for all taxpayers ($98,950 for married couples filing separate returns).

What is the AMT exemption for 2019? ›

The AMT exemption amount for 2019 is $71,700 for singles and $111,700 for married couples filing jointly (Table 3). In 2019, the 28 percent AMT rate applies to excess AMTI of $194,800 for all taxpayers ($97,400 for married couples filing separate returns).

How do I calculate my AMT 2021? ›

The 2021 AMT rate of 28% applies to the excess of $199,900 for married filing jointly taxpayers. $199,900 (2021 AMT limit for 26% tax rate) X 26% = $51,974. ($312,000 - $199,900) X 28% = $31,388. $51,974 + $31,388 = $83,362.

What amount triggers AMT? ›

An individual's or married couple's income above the alternative minimum tax exemption amounts is what triggers the alternative minimum tax. This typically applies to higher earners. The AMT is 26% or 28%.

These adjustments, which apply to more than 60 tax provisions, are made annually by the IRS to avoid bracket creep or the pushing of taxpayers into higher tax brackets due to inflation.. The changes apply to the 2022 tax year, for taxes filed in 2023.. Basic tax rates have not changed for 2022 although income levels (brackets) for each rate have.. The maximum Earned Income Tax Credit for 2022 will be $6,935 vs. $6,728 for tax year 2021 for taxpayers with three or more qualifying children.. Marginal tax rates for 2022 will not change but the level of taxable income that applies to each rate is going up.. The top rate of 37% will apply to income over $539,900 for individuals and heads of household and $647,850 for married couples who file jointly.. RateMarried Filing Jointly, Surviving Spouse Married Filing SeparatelySingleHead of Household37% Over $647,850Over $323,925Over $539,900Over $539,900 35% Over $431,900 to $647,850Over $215,950 to $323,925Over $215,950 to $539,900Over $215,950 to $539,900 32% Over $340,100 to $431,900Over $170,050 to $219,950Over $170,050 to $215,950Over $170,050 to $215,950 24% Over $178,150 to $340,100Over $89,075 to $170,050Over $89,075 to $170,050Over $89,050 to $170,050 22% Over $83,550 to $178,150Over $41,775 to $89,075Over $41,775 to $89,075Over $55,900 to $89,050 12% Over $20,550 to $83,550Over $10,275 to $41,775Over $10,275 to $41,775Over $14,650 to $55,900 10% $0 to $20,550$0 to $10,275$0 to $10,275$0 to $14,650. Capital gains rates are lower than your ordinary income tax rate and depend on your taxable income and filing status.. For 2022, the maximum zero rate taxable income amount will be $83,350 for married couples filing jointly and for surviving spouses.. The taxable income amount for a married couple filing jointly above which the 20% long-term capital gains tax applies.. RateSingle, Income OverMarried Filing Jointly, Income OverHeads of Household, Income Ove r 0% $0$0$0 15% $41,675$83,350$55,800 20% $459,750$517,200$488,500. The Alternative Minimum Tax (AMT) requires high-income taxpayers to calculate their tax bill twice—once under the ordinary income tax system and again under the AMT.. The AMT taxable income exemption amount for 2022 is $75,900 for single taxpayers and $118,100 for married couples filing jointly.. The maximum Earned Income Tax Credit (EITC) in 2022 for single and married filing jointly filers is $560 if the filer has no children.

If you are looking for the tax tables for filing your 2021 taxes by April of 2022, click the button below.. This article references the 2022 tax tables for the tax forms to be filed in April 2023.. 2021 Income Tax Tables - Married Filing Jointly & Single. The most important updates for many Americans are the tax brackets; the changes to the income ranges for the marginal tax rates.. Married Filing Separately and Head of Household Tax Brackets. The most common tax filing statuses are shown in the image for the 2022 tax brackets which you will use to calculate your taxes to be filed in 2023.. Understanding the tax brackets will help you to estimate your potential tax liability next year.. In addition to the tax rates, the IRS upped many of the deductions and exemptions Americans use to lower their taxable income calculation, and therefore their taxes.. The current tax code sets a $0 Personal Exemption amount for the purposes of calculating taxable income, effectively removing the Personal Exemption for tax filers.. The estate tax is effectively a tax on dying, where the Federal Government takes up to 37% of the value of the estate (everything owned by the deceased).. Fortunately, the estate tax credit creates an amount you can pass on to your heirs without being taxed.. Gifts of less than the annual gift exclusion are passed on tax-free, while gifts over the exemption amount could be subject to the unified gift and estate tax.. Tagged: Tax planning , Income Tax , Tax deduction , Tax help , Tax Advice , Standard Deduction , Alternative Minimum Tax , Estate planning , Estate Tax , Gift Tax , Tax Brackets , Tax Rates

The alternative minimum tax income minus the AMT exemption if we are not phased out of the exemption, equals our minimum tax base.. How to calculate alternative minimum tax income (AMTI) Regular taxable income+ Positive AMT adjustments- Negative AMT adjustments+ Tax preferences—————————AMTI. The minimum tax base times the AMT rates equal the tentative alternative minimum tax.. The alternative minimum tax income of $312,000 minus the 2021 AMT exemption amount of $114,600 for married filing jointly taxpayers equals the minimum tax base of $197,400.. AMTI of $312,000- AMT exemption of $114,600—————————Minimum tax base of $197,400X AMT rate of 26%—————————Tentative AMT of $51,324. How to Calculate alternative minimum tax (AMT) AMTI of $165,000- AMT exemption of $73,600—————————Minimum tax base of $91,400X AMT rate of 26%—————————Tentative AMT of $23,764- Regular income tax liability of $13,800—————————————————————= AMT of $9,964. When you exercise ISOs and do not sell the employer stock within the same calendar year, the bargain element is a positive AMT adjustment.. AMT Credit When we exercise ISOs and pay AMT on the bargain element, the difference between the exercise price and the fair market value, what happens to the tax payment?. If eligible, you should complete and attach Form 8801, Credit for Prior Year Minimum Tax - Individuals, Estates, and Trusts to claim the minimum tax credit.” [4]. “A taxpayer is paying alternative minimum tax this year.. How do I know if I am subjected to AMT liability when I exercise my ISOs?. Another option you can do is exercise a few ISOs this year and see if you are subject to AMT.. You should know that calculating AMT is complex and you are only subject to AMT if your AMT liability is higher than your regular tax liability.. On Form 6251, Line 15 is the bargain element of $3,000.The exercise price of $3 per share times 100 ISOs equals $300 is the cost basis in the stock for regular tax purposes.

The Tax Cuts and Jobs Act suspended the personal exemption through tax tax year 2025, balancing the suspension with an enhanced Child Tax Credit for most taxpayers and a near doubling of the standard deduction amount.. AVEA child’s unearned income is taxed at the parent’s marginal tax rate; that tax rule has been dubbed the “kiddie tax.” The kiddie tax applies to unearned income for children under the age of 19 and college students under the age of 24.. If your child’s only income is unearned income, you may be able to elect to include that income on your tax return rather than file a separate return for your child.. As part of the Tax Cuts & Jobs Act, sole proprietors and owners of pass-through businesses are eligible for a deduction of up to 20% to lower their tax rate for qualified business income.. For tax year 2022, the maximum earned income tax credit amount is $6,935 for qualifying taxpayers who have three or more qualifying children.

You must calculate your tax twice if your income is greater than the AMT exemption.. You must calculate any AMT you might owe if your adjusted gross income (AGI) exceeds the exemption level, then you must pay the higher of that tax or your regular income tax.. Congress applied a higher tax rate on incomes that reached a certain level.. The AMT is different from the regular tax rate because it doesn't include the standard deduction or most itemized deductions in its calculations.. The 28% AMT rate applies to taxpayers with AMT-calculated incomes of $206,100 as of the tax year 2022.. You would then have to calculate your alternative minimum taxable income and pay the higher tax.

Basic tax rates have not changed for 2022 although income levels (brackets) for each rate have.. For heads of households, the standard deduction will be $19,400 for tax year 2022, $600 more than this year.. Beginning in 2022, the additional standard deduction amount for anyone who is 65 or older—or blind—will be $1,400.. For 2022, the maximum zero rate taxable income amount will be $83,350 for married couples filing jointly and for surviving spouses.. The AMT taxable income exemption amount for 2022 is $75,900 for single taxpayers and $118,100 for married couples filing jointly.. Under these amounts, the rate is 26%.. The refundable portion of the Child Tax Credit adjusted for inflation will increase from $1,400 to $1,500 in 2022.

An alternative minimum tax (AMT) is the minimum amount of tax that high earners must pay on their income .. While everyone is required to file regular income tax, the AMT was meant to ensure that the very wealthy pay their tax dues.. For example, if you’ve paid AMT in a previous year and are not paying it this year, then you are eligible for an AMT tax credit applicable on the tax preference items.. AMT adds back tax preference items or items that are excluded while calculating regular income tax.. An example is asset depreciation that can provide tax deductions to reduce overall liability in regular income tax calculations but triggers an AMT and must be added back to the total after the regular tax is calculated (see below).. From this total, you should subtract the AMT exemption limit and personal credits (if applicable) for tax preference items on AMT paid in the previous year.. For example, income below $197,900 was taxed at a 26 percent rate while income above that amount was taxed at 28 percent in 2020.. Maximizing contributions to retirement accounts : Most retirement accounts defer taxes to until after retirement, when taxes are calculated as regular income tax.. Use tax credits : AMT offers several credits, such as dependent care credit and foreign tax credit, that can be used to reduce the overall tax liability.. On the other hand, the very rich – the people who the tax is meant to discipline – can shift residences and businesses to lower tax jurisdictions and escape tax liabilities.. An alternative minimum tax (AMT) is the minimum amount of tax that high earners must pay on their income.. While everyone is required to file regular income tax, the AMT was meant to ensure that the very wealthy pay their tax dues.. AMT adds back tax preference items or items that are excluded while calculating regular income tax.

Though the alternative minimum tax (AMT) is an alternate method of calculating income tax liability, the "minimum" aspect is something of a misnomer—a taxpayer must calculate their taxable income both ways, once according to ordinary Internal Revenue Code rules, and then again using the alternative minimum tax methodology, and pay whichever is more.. They must pay the tax if the alternative minimum tax calculation results are more than what they would otherwise owe in that tax year.. The "remainder amount" that's left after you calculate your AMT income and subtract an exemption amount that you're entitled to is subject to this tax.. Both your regular tax and AMT calculations begin at the same place, with your total income as it's entered on your 1040 tax return.. You must then add back some of those deductions and adjustments to income, using a different form, to arrive at your alternative minimum tax income.. The 26% AMT tax bracket ends, and the 28% AMT tax bracket begins, at AMT incomes of $197,900 in the 2021 tax year for all taxpayers except those who are married and file separate returns.. Instead of all the deductions and other adjustments that are taken away when calculating their AMT incomes, taxpayers can reduce their AMT income by claiming the exemption amount for their filing status instead.. The phaseout is completed, and the exemption amount is reduced to zero, when your AMT income reaches four times the exemption amount plus the phaseout threshold.. For regular tax calculations, you would subtract either the standard deduction or the total of your itemized deductions from your overall income to arrive at your taxable income.. However, the taxable income for AMT purposes doesn't allow certain adjustments to income and certain itemized deductions, so your income could jump significantly if you weren't able to subtract all of these items.. If it turns out that you're subject to the AMT, you might want to review the actual tax form to understand which income sources or deductions are causing your AMT liability.. The alternative minimum tax (AMT) was first designed in 1969 to prevent wealthier taxpayers from deducting their tax liability away to zero.. The AMT requires that taxpayers over certain income thresholds calculate their income tax both ways and pay the higher tax due.

The three main triggers of AMT are having high household income with a significant number of deductions, realizing a large capital gain, or most commonly exercising stock options.. The Federal AMT rate is 26% for incomes below $199,900 (28% if income is above the threshold).. First calculate your taxes without the ISO exercise.. If you use Turbo Tax, there will be a question similar to, "Did you exercise and hold Incentive Stock Options During the Tax Year?". To calculate how many ISOs you can exercise each year without triggering AMT tax, enter a smaller number of shares in (3) and gradually increase it until your tax due actually increases over the baseline calculation.. Note that tax rates can change between the time you do this exercise and the time you actually file your return.. Unlike ISOs, holders of non-qualified stock options ( NSOs ) are subject to tax at exercise if the fair market value of the stock is higher than the exercise price ("spread").. You also retain the ability to pay off ESO at any time before the company exits.

The AMT sets a floor on the percentage of taxes that a tax filer pays to the federal government regardless of the dollar amount of their exclusions, deductions or tax credits.. The AMT is calculated on IRS Form 6251 with your federal tax return.. There are tax preference items that the AMT adds back into your taxable income to arrive at your alternative minimum taxable income (AMTI).. Tax preference items are the deductions, credits and tax exclusions that are added back to your taxable income when you trigger the AMT by going over the income exclusion.. The AMT is typically triggered by tax filers whose income exceeds the annual AMT exemption for that year.. To calculate how much income you have to pay the AMT on, subtract your exemption from your income calculated under AMT rules and you will find the amount of income on which you will have to pay the ATM, which also means a higher tax rate of 26% or 28%.. Enter your taxable income on IRS Form 1040 or 1040-SR from line 15 after subtracting lines 12 and 13 from line 11.. Compare your tax under regular tax rules to the tax on your AMTI and pay the higher amount.. This will raise your taxable income which will cause your tax rate on your AMTI to be higher.. Due to its complexity, you may want to use a tax accountant or a financial advisor to help you complete it.. Consider working with a financial advisor to prevent triggering the AMT.. Capital gains are a possible tax preference item when calculating the AMTI.

At Bankrate we strive to help you make smarter financial decisions.. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first.. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate.. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate.. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.. It adds items that are not taxed on the standard tax rates and rejects or reduces many common tax breaks used by individual taxpayers to lower their IRS bills .. The IRS has set income levels to determine which rate you’re charged for your AMT.. If your income is below the stated level in the chart below, you’re taxed at 26 percent.. If that person earned more than $199,900, the AMT tax rate goes up to 28 percent.. Under the AMT:. You do not receive the standard deduction or personal exemptions.

The alternative minimum tax (AMT) is a tax calculation system for taxpayers when their income rises above their exemption amount.. The ATM is imposed at 26% to 28%, with higher tax exemptions than the regular income tax for taxpayers.. The AMT is calculated using a separate system and rules that compel some taxpayers to pay the minimum amount of income tax.. As a result, the AMT is higher than the regular tax in most instances.. The AMT works as a separate tax system where some taxpayers calculate their tax liability twice.. Then, you have to pay the higher calculated taxes.

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