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Seattle Washington online Form Instruction 6251: What You Should Know
About Form 6251, Alternative Minimum Tax — Individuals — IRS Form 6251 is used by individuals to figure alternative minimal tax. The AMT is a separate tax that is imposed in addition to the regular taxable income tax. IRS Form 6251.pdf The AMT is a separate tax that is imposed in addition to the regular taxable income tax. You have several options for claiming an AMT exemption. The AMT exemption may be claimed (on a Schedule A or an income tax return only) if there is a reasonable explanation for why the taxpayer chooses to file an original return rather than an amended return in which the tax liability is reduced, and there is a reasonable explanation for why the taxpayer chose to file any earlier return. IRS Publication 514.pdf — Schedule A: Alternative Minimum Tax Exemption Form 6251 Taxation Codes/For Codes, See IRS Publication 514.pdf Complete Part III of this form only if you are required to do so by line 31 or by the Foreign Earned Income Tax Worksheet in the instructions. You must take the following action: (1) Enter the amount in box 1 (income from capital); (2) enter the amount in box 2 (income from employment); and (3) enter the amount in box 4 (other income). The amount in box 1 is the taxpayer's income from capital. Form 6251.pdf — Form 6251-Ez and Form 6251-Me — Foreign Earned Income Tax Worksheet Note. . . If you are single and filing for the first time, the minimum amounts for box 1 are 250,000, 125,000 and 50,000, respectively. If you are married and filing jointly, the minimum amounts for boxes 1 and 2 are 250,000, 125,000 and 50,000, respectively. If you are filing separately, the minimum amounts in the two boxes are 125,000 in box 2 and 50,000 in box 1. For box 3 on Form 6251: 125,000 plus income from employment 50,000 minus income from employment 250,000 plus foreign earned income (within the meaning of section 245, 2, 6) You should allocate the amounts in this example from: the amounts in box 2 from your employment and employment income from capital. Use the table that follows to see how to allocate these amounts. Taxpayer's Adjusted Taxable Income, 0 to 25,000.
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