Alternative Minimum Tax...
The following changes to the AMT went into effect for 2007.
AMT exemption amount increased. The AMT exemption amount has increased to $44,350 ($66,250 if married filing jointly or qualifying widow(er); $33,125 if married filing separately).
Exemption amount for a child. The minimum exemption amount for a child under age 18 has increased to $6,300.
Hurricane Katrina additional exemption expired. The additional exemption for taxpayers who provide housing for a person displaced by Hurricane Katrina has expired. Therefore, the additional exemption amount (formerly line 6 of Form 8914) is no longer allowable for the AMT.
read more here...http://www.irs.gov/formspubs/article/0,,id=109876,00.html
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