An alternative minimum tax (AMT) is the minimum amount of tax that high earners must pay on their income. It is paid in addition to ordinary income tax. AMT taxes income above IRS-specified limits. The AMT exemption limit for 2024 is $133,300 for married couples filing jointly and $85,700 for singles. For 2023, it is $81,300 for singles and $126,500 for married couples, filing jointly.