Modesto California Form Instruction 6251 2024-2025

Modesto California Form Instruction 6251: What You Should Know

Form 3601 (Earned Income Credit (EIC))  to the left using the line on the Form 6251. Enter the amount from Form 6251, line 2c, the total of the amount reported on Line 14 of Form  3601, Foreign Earned Income Credit (FIC) Use Form 3601, as well as the instructions for Form 3601, to figure the EIC for the  earnings of foreign workers. 38 Enter only the amount from Schedule E (Form 6251) reported in boxes 14 and  45 from box 24 of Form  3501 (Form 1040)  that does not have a statement of exclusion or deduction on the form. Use the following guidelines for determining the amount of the FIC. The FIC is calculated by subtracting the tax imposed by chapter 1 and section 31 or 32 (relating to net earnings from employment). The FIC is calculated by subtracting 12.7% from the least of: (a) The gross wages paid to the qualified employee by the employer in the taxable year (including any amount paid to an entity under a nonqualified deferred compensation plan); or (b) The qualified wages paid by the qualified employee in the taxable year to any foreign entity in the same or similar business; provided that a taxpayer may exclude from gross income 3,000 or the greatest of 100% of the foreign entity's gross wages or the qualified wages reported on Schedule  24 (Form 1040), page 1. 39 Enter the total FIC of 3,000 or the greatest of 100% of the employee's FIC or 3,000; unless the qualified employee reports the additional amount of 3,000 or more on Schedule 24 (Form 1040), page 1. Not only must you report the 3,000 or more from Schedule 24 (Form 1040), page 1, but the employee must report in box 15 of Form 5037, the amount included in box 11 of Schedule 26 (Form 1040) or Schedule 31 (Form 1040) with instructions. This amount also must be entered on line 15 of Form 2555 or Form 4684. 40 Enter the qualified wages reported on line 15 for the  qualified employee in box 44 of Form 24 (Form 1040). The qualified wages to be entered should use the same percentage scale as reported on line 15 of  Form 1042.

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