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- Use Form 6251 to figure the amount, if any, of your alternative minimum tax (AMT). The AMT applies to taxpayers who have certain types of income that receive favorable treatment, or who qualify for certain deductions, under the tax law. These tax benefits can significantly reduce the regular tax of some taxpayers with higher economic incomes.
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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).
- Instructions
Use Form 6251 to figure the amount, if any, of your...
- NOLS
Information about Publication 536, Net Operating Losses...
- Instructions
- Part I: Alternative Minimum Taxable Income
- Part II: Alternative Minimum Tax
- Part III: Tax Computation Using Maximum Capital Gains Rates
Line 1: Starting amount
Enter the amount from line 15 of your Form 1040 or 1040-SR. This is the line marked, Taxable Income. If your taxable income is zero, then subtract Line 14 from Line 11, which is your adjusted gross income (AGI). Essentially, you’re subtracting the following deductions from your AGI: 1. Standard deduction or itemized deductions from Schedule A 2. Charitable contributions 3. Qualified business income deduction, as calculated on IRS Form 8995 This is the number that goes into Line 1. After Line...
Line 2a: Taxes
If you’re filing Schedule A (itemized deductions worksheet), you’ll enter the taxes from Line 7. Otherwise, enter the amount from your Form 1040, Line 12a.
Line 2b: Tax refunds
If you received a tax refundfor state or local taxes paid, you’ll find that on Schedule 1 (Additional income and adjustments to income). Enter the amount from either: 1. Line 1: Taxable refunds, credits, or offsets of state and local income taxes 2. Line 8z:Other income
Line 5: Exemption amount
Your AMT exemption amount depends on your filing status and the amount of income you have. See the table below. Exemption amounts based on filing status If Line 4 is over the respective amount for your filing status, you’ll need to complete an exemption amount worksheet. See below.
Line 6: Subtract Line 5 from Line 4
If more than zero, go to Line 7. If zero or less, enter ‘0’ on Lines 6, 7, 9, and 11. Go to Line 10.
Line 7
If you are filing Form 2555 (Foreign Earned Income), you’ll need to complete a Foreign Earned Income worksheet (see below). If you reported capital gain distributions on Form 1040, Line 7, qualified dividends on Line 3a, or had a gain on both Lines 15 and 16 of Schedule D, you’ll need to complete Part III and enter the amount from Line 40 here. Everyone else:If Line 6 is $199,900 or less ($99,950 if married filing separately), multiply Line 6 by 26%. Otherwise, multiply Line 6 by 28% and subt...
Not all taxpayers must complete Part III. Only complete Part III if one of the following applies: 1. You followed the instructions for Line 7, and they directed you to complete Part III, 2. The Foreign Earned IncomeTax Worksheet directs you to do so
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 a taxpayer may owe....
- Christina Majaski
Dec 10, 2023 · TurboTax can help you determine if you owe AMT. Calculating alternative minimum taxable income. If you owe AMT, then the form requires you to calculate an alternative minimum taxable income. This calculation is different than the taxable income you calculate on a Form 1040.
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- Intuit Turbotax
Feb 14, 2022 · The AMT is typically triggered by tax filers whose income exceeds the annual AMT exemption for that year. For tax year 2021 (which you file in 2022), the exemption is $73,000 for single individuals and $114,600 for married couples. For tax year 2022 (which you file in 2023), the exemption is $75,900 for singles and $118,100 for married couples.
Use Form 6251 to figure the amount, if any, of your alternative minimum tax (AMT). The AMT is a separate tax that is imposed in addition to your regular tax. It applies to taxpayers who have certain types of income that receive favorable treatment, or who qualify for certain deductions, under the tax law.
