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Income Tax Planning
Chapter 15: Alternative Minimum Tax/EXEMPTION AND ITEMIZED / STANDARD DEDUCTION
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Chapter 15: Alternative Minimum Tax

EXEMPTION AND ITEMIZED / STANDARD DEDUCTION

01.Core Concepts

DIFFERENCES • Personal exemptions are added back. • Enhanced senior deduction (in tax years 2025-2028). • If taxpayer does not itemize, standard deduction is added back. • Personal exemptions and itemized/standard deduction changes are exclusion adjustments. • Do not result in credit against future tax liability.