“This year, unless Congress applies a new patch, the AMT will apply to nearly half of people with incomes of $75,000 to $100,000. Without action, an estimated 27 million more tax filers could find themselves paying an average of $3,700 more in taxes for 2012.  And yes, the financial hit applies to this tax year. Even if the new, incoming Congress applies an AMT patch after January, experts say it will be an accounting nightmare. It’s difficult to undo the tax once the filing season has begun in January, and at the least, it would result in long processing delays of all returns.”

http://www.npr.org/2012/11/12/164980052/how-the-alternative-minimum-tax-could-slam-you

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