The Unemployment Insurance Reauthorization and Job Creation Act of 2010 (HR 4853), passed by Congress on December 16, includes increased alternative minimum tax exemption amounts for 2010 and 2011.
For married couples and surviving spouses, the exemption is $72,450 for 2010 and $74,450 for 2011. (It was $70,950 for 2009.) For singles, the exemption is $47,450 for 2010 and $48,450 for 2011. (It was 46,700 for 2009.) For married couples filing a separate return, the exemption is $37,225 for 2010 and $37,225 for 2011. (It was $35,475 for 2009.)
The AMT exemption for estates and trusts remains unchanged at $22,500.
The exemptions are phased out by 25% of the excess of alternative minimum taxable income (AMTI) over $150,000 for married persons filing a joint return and surviving spouses, $112,500 for singles, and $75,000 for married persons filing a separate return and estates and trusts.