is alternative minimum tax a form of flat tax

If you're not liable for AMT this year, but you paid AMT in one or more previous years, you may be eligible to take a special minimum tax credit against your regular tax this year. If subject to the AMT, you may be required to complete and attach Form 6251, Alternative Minimum Tax – Individuals. To find out if you may be subject to the AMT, refer to the Alternative Minimum Tax (AMT) line instructions in the Instructions for Form 1040 (and Form 1040-SR). In addition, some tax credits that reduce regular tax liability don't reduce AMT tax liability. Taxpayers can use the special capital gain rates in effect for the regular tax if they're lower than the AMT tax rates that would otherwise apply.

The law sets the AMT exemption amounts and AMT tax rates. Subtracting the AMT foreign tax credit.Multiplying the amount computed in (2) by the appropriate AMT tax rates, and.Computing taxable income eliminating or reducing certain exclusions and deductions, and taking into account differences with respect to when certain items are used to compute regular taxable income and alternative minimum taxable income (AMTI),.In general, compute the tentative minimum tax by: The tentative minimum tax is figured separately from the regular tax. Thus, the AMT is owed only if the tentative minimum tax for the year is greater than the regular tax for that year. The AMT is the excess of the tentative minimum tax over the regular tax. It helps to ensure that those taxpayers pay at least a minimum amount of tax. The alternative minimum tax (AMT) applies to taxpayers with high economic income by setting a limit on those benefits. Under the tax law, certain tax benefits can significantly reduce a taxpayer's regular tax amount.

Is alternative minimum tax a form of flat tax