The underlying problem is that taxpayers’ incomes have risen more than the AMT exemption – the AMT version of the standard deduction. As a result, the AMT snares more people every year. For 2006, anyone with income higher than that exemption – $42,500 single or $62,550 (married filing jointly) – becomes a potential AMT candidate.When calculating tax under AMT, you lose [tag]personal exemptions[/tag] and certain[tag] itemized deductions[/tag], including those for taxes and medical expenses. [tag]Floridians[/tag] are less affected than residents of most states because they don’t have a state income tax to deduct on their federal returns.