Taxpayers should be aware of important
changes to the tax law before they complete their 2007 federal income tax
forms. Here are some changes that may affect your return.
1) The AMT Exemption Increased for One Year. For tax-year 2007, Congress
raised the alternative minimum tax exemption to $66,250 for a married couple
filing a joint return. The exemption rises to $33,125 for a married person
filing separately and to $44,350 for singles and heads of household. While the
vast majority of taxpayers can file as usual, about 13.5 million taxpayers who
file any of five tax forms affected by recent tax law changes related to the
AMT will have to wait until Feb. 11, 2008, to file their returns. IRS.gov has
more information on this important subject, including downloadable copies of
affected forms and questions and answers.