Will You Pay the AMT? Despite recent tax-law changes, many Americans are expected to pay the AMT this year. Share | Related Content The Facts About Income Tax Millions faithfully file their 1040 forms each April. But some things about federal income taxes may surprise you. Tax Deductions You Won't Believe Here are some examples of deductions from the IRS that were permitted and some that were, uh, too creative. Home Mortgage Deduction Use this calculator to assess the potential benefits of a home mortgage deduction.