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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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   When should I use form 8801?

   • Use Form 8801 if you are an individual, estate, or trust to figure the minimum tax credit, if any, for alternative minimum tax (AMT) you incurred in prior tax years and to figure any credit carryforward to 2024. Complete Form 8801 if you are an individual, estate, or trust that for 2022 had:

   Instructions for Form 8801 (2023) | Internal Revenue Service

   www.irs.gov/instructions/i8801

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   Should I file Form 6251 if I owe AMT?

   • Remember, you pay the highest amount between the regular income tax and the AMT. Unless you have significant deductions and other tax preference items not allowed by the AMT, you probably still only owe regular income tax. 3. You may need to file Form 6251 if you have specific AMT items.

   6 Things You Should Know About Alternative Minimum Tax | TaxAct

   blog.taxact.com/alternative-minimum-tax-amt/

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   How do I claim a 8801 tax credit?

   • Form 8801. To claim the refundable and nonrefundable parts of this credit, use the 2007 Form 8801, Credit for Prior Year Minimum Tax -- Individuals, Estates, and Trusts. Tax software, such as TurboTax, compute this form for you*.

   The Alternative Minimum Tax Credit | Kiplinger

   www.kiplinger.com/article/taxes/t055-c000-s001-the-alternative-minimum-tax-credit.html

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

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

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   May 15, 2024 · 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.

   • Instructions

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     Information about Publication 536, Net Operating Losses...

   • Instructions for Form 8801

     Purpose of Form. Use Form 8801 if you are an individual,...

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

   turbotax.intuit.com › tax-tips › irs-tax-return

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   • What Is The Alternative Minimum Tax?
   • Why Would I Have to Pay The AMT?
   • How Can I Escape The AMT?
   • What Happens to My Tax Credits?
   • Credit For Paying The Amt
   • How Can I Plan Ahead For The AMT?

   The AMT is a parallel tax system that operates in the shadow of the regular tax system, expanding the amount of income that is taxed by adding items that are not normally taxed and disallowing many deductions under the regular tax system . 1. To figure out whether you owe any additional tax under the Alternative Minimum Tax system, you need to fill...

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   The simplest way to see why you are paying the AMT, or how close you came to paying it, is to look at your Form 6251 from last year. 1. Compare the Tentative Minimum Tax to your regular tax (Tentative Minimum Tax should be the line above your regular tax) to see how close you were to paying the AMT. 2. Look for entries on lines 2 and 3, which adjus...

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   One of the best things that can be said about the AMT is that Congress was successful in making it difficult to get around this tax. To avoid the AMT, you need to understand how the AMT differs from the regular tax system. We'll walk through Form 6251, line by line, looking at how the AMT handles different deductions and expenses. Wherever we see a...

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   If the calculation on Form 6251: Alternative Minimum Tax shows that your Tentative Minimum Tax is less than your regular tax, you don't owe any AMT, but you may still be affected by the AMT in other ways. Because of the AMT, you may not be receiving all of your tax credits such as the Low-Income Housing or Work Opportunity Credits. Your Tentative M...

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   You might get a tax credit for Alternative Minimum Tax paid in a prior year. This credit, calculated on Form 8801: Credit for Prior Year Minimum Tax calculates how much of the AMT was related to deferral items, which generate credit for future years, as opposed to exclusion items which are not deductible for AMT, and consequently are lost. Certain ...

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   There are some things you can do to plan ahead for the Alternative Minimum Tax: 1. Use tax-planning software such as TurboTax during the year to minimize your overall tax liability. 2. Study Form 6251 each time you prepare your tax return to see how close you are to paying the AMT. Evaluate how close your Tentative Minimum Tax was to your regular t...

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4. blog.taxact.com › alternative-minimum-tax-amt6 Things You Should Know About Alternative Minimum Tax | TaxAct

   blog.taxact.com › alternative-minimum-tax-amt

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   • If your income is less than $53,600 in 2015, you generally don’t have to pay AMT. A certain amount of income per year is exempt from the AMT. This is called your exemption.
   • A few common tax items do not affect the AMT. Some items are deductible for the regular income tax, but not deductible for the AMT. The Tax Cuts and Jobs Act suspended the personal exemption beginning in 2018.
   • You may need to file Form 6251 if you have specific AMT items. If you need to report any of the following items on your tax return, you must file Form 6251, Alternative Minimum Tax, even if you do not owe AMT.
   • A little planning can help you avoid the AMT. The best way to plan ahead for the AMT is to carefully read your tax return every year, including Form 6251.

5. www.kiplinger.com › article › taxesThe Alternative Minimum Tax Credit | Kiplinger

   www.kiplinger.com › article › taxes

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   Mar 1, 2008 · Use Form 8801, Credit for Prior Year Minimum Tax to calculate how much of the AMT you've paid was related to deferral items, which generate credit for future years, as opposed to exclusion...

6. augustuswealth.com › blog › what-amt-tax-form-6251-fileGuide to AMT Tax Form 6251 | Augustus Wealth

   augustuswealth.com › blog › what-amt-tax-form-6251-file

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   Feb 28, 2024 · Form 6251 AMT is an IRS document for understanding and potentially calculating the Alternative Minimum Tax (AMT). The AMT is a parallel tax system designed to ensure that individuals who benefit from certain tax benefits still pay a minimum amount.