Prepare a 2020 tax projection - Taxpayers already know the 20

The amount of the exemption is subject to the taxpayer’s filing status (see Exhibit 8-5 for 2018 exemption amounts) and is available to all taxpayers. Like the standard deduction, the AMT exemption reduces the taxpayer’s tax base. However, unlike the standard deduction, the AMT exemption is phased-out for high income taxpayers. ................
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