Question

When I filed it said IRS would figure the alternative minimum tax. When do I get the bill?

Forum|Forum|5 years ago
March 11, 2021
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TurboTax Deluxe Online

Unlike form 2210 wherein you can opt out to be billed by the IRS with underpayment of taxes, AMT (Form 6251) is added to your tax liability on your 2020 income tax return. The AMT is different from the regular tax rate because it doesn't have the standard deduction or any personal exemptions. It also doesn't allow most itemized deductions such as state and local income taxes, foreign tax credits, and employee business expenses. The AMT tax rate is simple with only two tax rates: 26% and 28%.

The AMT is entered on line 1. Part 1, Schedule 2 of Form 1040.