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Iowa online Form Instruction 6251: What You Should Know
INVESTMENT TAXES ON MEMBER'S MEMBER'S MAILING PREFERENCE STATEMENT Form 8831, U.S. Individual Income Tax Return. If you itemize deductions on Schedule A (IA 1040), start on line 1. For the year following the calendar year the return is filed, the net investment income of each member's spouse that is excluded from gross income by Internal Revenue Code section 1202(a)(7) must be included on Line 16, Column 2 and Column 3 of Form 8831. The net investment income exclusion provided by section 1202(a)(7) excludes from gross income passive investments and the fair market value of assets in these passive investments. You cannot claim the exclusion if you deducted (on Schedule A (IA 1040), line 24) the net investment income exclusion for the current calendar year, if the amount excluded has not been included in gross income for that year. However, if you file a joint return, your spouse cannot deduct either the net investment income exclusion or the fair market value exclusion. On Form 6251, enter a line for net income exclusion (line 16, Column 2). Enter a line for the net exclusion (line 16, Column 3). Enter a line for the passive investment exclusion (line 16, Column 1), if there was a passive investment exclusion. The Form 6251 instructions note that you must include the passive investment exclusion and the fair market value exclusion. If there is no net investment income exclusion or the exclusion exceeds the exclusion, or if the exclusion does not equal the exclusion, then enter a zero, a negative number, or a zero for Line 1. If the value of any property is excluded from gross income, enter a zero, a negative number, or a zero. On line 15, in column 2, enter the amount of the exclusion. If your household's total net income is zero or 5,000 or less, and the net investment income exclusion is a zero, zero, a negative number, or a zero, then enter a zero. Otherwise, enter zero, a negative number, or a zero. On line 16, in column 3, enter the amount excluded by column 2. Form 8847, Mail or Other Report of U.S. Individual Income Tax Refund. If you file a joint return, your spouse cannot claim the credit for any state or local taxes on the return. On line 16, in column 3, enter the amount you paid.
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