High-Risk Factors

• If you itemized and claimed large deductions, took out a home loan mortgage for uses other than to buy, build or improve your home, exercised incentive stock options, or claimed many exemptions, you are at a much higher risk for the AMT.
  
  

How to Know

• You can determine if you will be subject to the AMT by filling out Form 6251.
  
  

AMT Exemptions

• For 2009, the amount you can deduct from your AMT is $46,200 if single, $69,950 if married filing jointly and $34,975 if married filing separately.
  
  

Deductions

• Many deductions that are allowable under the regular tax system are not allowed under the AMT. Typically, any itemized deductions that are subject to the 2 percent floor are not deductible under the AMT.
  
  

State Advantage

• If you reside in a state with low tax rates or no state income tax, you are less likely to be subject to the AMT.