Here's who won and lost after the 2018 tax overhaul and how to determine which camp you're in. If you're judging it by the size of your refund, you're doing it wrong.
Under the old law, taxpayers with higher incomes were subject to something known as the alternative minimum tax.
You would then look at your liabilities under the ordinary rules and the AMT and pay whichever tax was the highest. The AMT tweak is forecast to reduce the number of people paying the AMT to 200,000 per year through 2025 – which is when this change will expire — compared to 5 million in 2017, prior to the tax overhaul, the"Under today's laws, it's highly unlikely you'll be in the AMT, said Jeffrey Levine, CPA and CEO of BluePrint Wealth Alliance in Garden City, New York.
Under the old law, the child tax credit began to phase out at $75,000 of adjusted gross income for single taxpayers .
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