By now, your phone is almost certainly ringing off the hook as your clients seek answers concerning the recently passed American Taxpayer Relief Act of 2012. What are the provisions of the bill? What does it mean for taxpayers? Take the quiz below to test your knowledge!
1. The American Taxpayer Relief Act of 2012 permanently changed the AMT exemption amount. In 2012, the exemption amount for a single taxpayer will be:
2. The student loan interest deduction has been extended, and the phaseout range has been increased, indexed for inflation. For married filing joint returns, the new 2012 phaseout amount begins at:
3. Regarding the estate transfer tax, for a decedent dying in 2012, the applicable credit amount is:
A. $780,800, as adjusted for inflation.
B. $1,455,800, as adjusted for inflation.
C. $1,722,800, as adjusted for inflation.
D. $1,730,800, as adjusted for inflation.
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1. B. The exemption amount in 2012 for a single taxpayer is $50,600.
2. B. The phaseout range begins at $100,000 for married filing joint returns, and is
completely phased out at $130,000.
3. C. For decedents who died in 2012, the applicable credit amount has increased to