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What is amp amp?

AMP refers to the Alternative Minimum Tax, which is designed to ensure that individuals and corporations pay a minimum amount of tax, regardless of deductions and credits.

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Individuals or corporations that have a high income or significant deductions which may reduce their regular tax liability could be required to file for the Alternative Minimum Tax.

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The purpose of the AMP is to ensure that taxpayers with substantial income or deductions still pay a minimum amount of tax, thus preventing tax avoidance through excessive deductions and credits.

What information must be reported on amp amp?

Taxpayers must report their regular taxable income, add back certain itemized deductions, and include preferences and adjustments to calculate the AMT.