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CO online Form 941 (Schedule B): What You Should Know

Form 941, the “Alternative Minimum Tax,” was enacted as a way to raise revenue and to discourage high-income filers from avoiding taxes. According to the nonpartisan Tax Policy Center, the tax imposed by the AMT has not a major effect on the amount of taxes that high-income people have to pay. It was adopted in 1969, and it applies to filers who made more than 50,000 in taxable income in each of two years. The tax does not apply to individuals who file joint returns. When the AMT was enacted, there were relatively few taxpayers filing returns claiming a deduction for the alternative minimum tax; today there are nearly 5 million taxpayers claiming the tax.[1] However, the tax has become extremely popular in recent years, because it reduces an individual's tax liability at the beginning of a tax year to the amount of the standard deduction and 6,350 for joint filers. Taxpayers who itemize deductions, also called itemizes, can reduce the amount that they pay in taxes by taking a deduction for the AMT. The tax also has become controversial because there are no limits on the type of personal exemptions and personal deductions that an individual can claim. In addition to the tax bill, the law also imposed other changes on the economy, including a 1.4% tax on investments by individuals with an annual income of more than 200,000, and the repeal of the estate tax. This legislation included no changes for businesses. On Feb. 14, 2017, the House voted, 228 – 195, to repeal the estate tax. The Senate was unable to achieve a similar result on March 23.[2] Form 941 for 2017 The main purpose of form 941 is to calculate your taxable income and liability for the next year. The amount of liability you report must be the same or as close as possible to the amount of income you have reported for the preceding tax year. You also report what you owe the IRS and what your dependents pay. The form is also used to calculate the alternative minimum tax (AMT) if you did not file the returns. You also use the form to file your 2023 tax return as well as other tax-related documents. The deadline for filing your 2023 tax return is April 18.

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