Quick Alternative Minimum Tax Estimator - 2001

Filing Status:

- Single (S)

- Head of Household (HOH)

 - Married Filing Jointly (MFJ)

 - Married Filing Separately (MFS)

Estimated Adjusted Gross Income (AGI)

 

Net Long-Term Capital Gains (included in AGI)

 

Total Standard Deduction or

 

Total Itemized Deductions

 

Exemption Amount Claimed

 

Specific Itemized Deductions (from Schedule A):

    Medical (1040tools calculates lesser of actual or 2.5% AGI)

 

 

 

 

Tax refunds shown as income

 

Excess of the fair market value of stock acquired through exercise of option over amount paid for stock on same day

 

Other adjustments and preferences

 

If AGI is over $132,950 ($66,475 - MFS) enter
amount of unallowed itemized deductions

 

 

 

Note:  In that this calculator was designed to provide a quick estimate of the potential alternative minimum tax exposure as a result of the exercising of stock options, it should not be utilized in cases where there are other, more complicated circumstances present (i.e. net operating losses or sales of property recorded on Form 4797 where different basis issues need to be considered).  Calculations of this nature should be performed manually or by using specialized tax software.