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1. www.nerdwallet.com › article › taxesAlternative Minimum Tax (AMT): Definition, Who Pays

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   Feb 22, 2024 · Calculate your taxable income, but with fewer tax exclusions and tax deductions, as dictated by the AMT rules (IRS Form 6251 has the details on which tax breaks get eliminated in the AMT ...

2. www.irs.gov › forms-pubs › about-form-6251About Form 6251, Alternative Minimum Tax - Individuals

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   May 15, 2024 · Information about Form 6251, Alternative Minimum Tax - Individuals, including recent updates, related forms and instructions on how to file. Form 6251 is used by individuals to figure alternative minimum tax. Use this form to figure the amount, if any, of your alternative minimum tax (AMT).

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   What is Form 6251?

   • Information about Form 6251, Alternative Minimum Tax - Individuals, including recent updates, related forms and instructions on how to file. Form 6251 is used by individuals to figure alternative minimum tax. Use this form to figure the amount, if any, of your alternative minimum tax (AMT).

   About Form 6251, Alternative Minimum Tax - Individuals

   www.irs.gov/forms-pubs/about-form-6251

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   What happens if 6251 is higher than regular tax?

   • If the tax calculated on Form 6251 is higher than that calculated on your regular tax return, you have to pay the difference as AMT in addition to the regularly calculated income tax. It can result in you paying hundreds or even thousands of dollars in additional taxes. Why would I have to pay the AMT?

   Alternative Minimum Tax: Common Questions - TurboTax

   turbotax.intuit.com/tax-tips/irs-tax-return/alternative-minimum-tax-common-questions/L50YotKHP

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   What is the difference between Form 1040 and Form 6251?

   • Form 1040: U.S. Individual tax Return includes a worksheet that allows a taxpayer to determine whether AMT is owed, but it only provides basic computations. Form 6251 is more detailed and will give a more accurate answer, and simply completing it does not mean that it has to be filed.

   Form 6251: Alternative Minimum Tax-Individuals Overview - Investopedia

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   What is line 15 on Form 6251?

   • Line 15 on your Form 6251 is $3000 (100 shares x ($33-$3 per share). Your basis in this stock is now $300 ($3 x 100) for regular tax purposes, but $3,300 ($33 x 100) for AMT purposes.

   Alternative Minimum Tax: Common Questions - TurboTax

   turbotax.intuit.com/tax-tips/irs-tax-return/alternative-minimum-tax-common-questions/L50YotKHP

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4. www.irs.gov › instructions › i6251Instructions for Form 6251 (2023) | Internal Revenue Service

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   • Follow the Form 4952 instructions for line 1, but, when completing line 1, also include any interest that would have been deductible if tax-exempt interest on private activity bonds were includible in gross income.
   • Enter your AMT disallowed investment interest expense from 2022 on line 2. Complete line 3.
   • When completing Part II, refigure the following amounts, taking into account all adjustments and preferences. Gross income from property held for investment.
   • Complete Part III. Enter on Form 6251, line 2c, the difference between line 8 of your AMT Form 4952 and line 8 of your regular tax Form 4952. If your AMT expense is greater, enter the difference as a negative amount.

5. money.usnews.com › money › personal-financeWhat's the Alternative Minimum Tax and Who Pays It? - U.S. News

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   Feb 20, 2019 · The tax form associated with the AMT is form 6251, and a good tax preparer or robust tax software program can also help you calculate this tax. Who Pays the Alternative Minimum Tax?

   • Author: Susannah Snider

   • Occupation: Managing Editor, Money

6. turbotax.intuit.com › tax-tips › irs-tax-returnAlternative Minimum Tax: Common Questions - TurboTax

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   We'll walk through Form 6251, line by line, looking at how the AMT handles different deductions and expenses. Wherever we see a tax-planning opportunity, we will suggest how to lessen the impact of the AMT. Line 1: Taxable income: This line is the amount shown on line 15 of your 1040, which is your taxable income.

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7. www.thebalancemoney.com › what-is-tax-form-6251What Is Tax Form 6251? - The Balance

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   Jan 10, 2023 · How Form 6251 Works . Form 6251, “Alternative Minimum Tax—Individuals,” is a tax form that calculates whether you’re liable for paying the alternative minimum tax and if so, how much you should pay. It adds back various tax breaks you might have claimed on your Form 1040 tax return, then determines your taxes owed.

8. www.investopedia.com › terms › fForm 6251: Alternative Minimum Tax-Individuals Overview

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   Nov 20, 2022 · Form 6251: Alternative Minimum Tax-Individuals is an Internal Revenue Service (IRS) tax form used to determine the amount of alternative minimum tax (AMT) that...