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AMT limit on personal credits.(alternative minimum tax)
Tax Adviser, The, May, 1999 by Fletcher, Eric S.
Congress eliminated the reduction in credits available to individuals because of the alternative minimum tax (AMT) for 1998, but the reduction will affect 1999 and later years unless Congress takes further action. In some cases, the AMT limitation actually increases the tax on a family that has another child after 1998.
Sec. 26(a) limits allowable nonrefundable credits to the excess of the regular tax over the tentative minimum tax. However, a taxpayer with three or more children may claim a refundable credit for the lesser of (1) the child tax credits without regard to Sec. 26(a) or (2) the amount by which the aggregate nonrefundable credits would increase if the Sec. 26(a) limit were increased by the excess of the taxpayer's Social Security taxes for the tax...
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