This video is going to illustrate the calculation for alternative minimum tax and alternative minimum taxable income AMT I on the screen here is far 6251 we're going to go through a simple calculation let's start off with part 1 line 1 basically line 1 is your regular taxable income taken from your 1040 line 2 deals with your first adjustment being your medical adjustment and this was discussed and point number 5 of the blog and I gave an example of the calculation there and I'm going to use that example here so we have an adjustment of $500 here for medical expenses take it from our Schedule A then we have line 3 that was discussed in point number 3 in the blog and this is a $7000 adjustment for taxes and then line 4 here deals with our home mortgage interest and that was discussed in point number 2 of the blog we have $1,500 of mortgage interest adjustment and this is mortgage interest that wasn't utilized to to purchase or remodel our home or purchase a second home so anyway arriving at alternative minimum taxable income we take our regular taxable income and in this case we're going to be adding back our adjustments coming up with alternate our alternative minimum taxable income of seventy nine thousand dollars part two of this form basically deals with our exemptions and I'm using the 2023 form here because of 2023 form it's not available just yet so what we have here on line 30 years our exemption amounts and our exemptions here for married filing joint that's the example that I'm using it's seventy thousand nine hundred and fifty we subtract from our AMT I we have a remainder of nine thousand nine hundred and fifty dollars we...
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6251 line 6 Form: What You Should Know
Gov or use the tax rate table. Use the rate table to determine your tax rate by filing status, filing status only, or filing status and a spouse. Note: This calculator may not be accurate if your taxable income increases as new tax laws are enacted. See Publication 550 for the 2023 Tax Rates Table for those tax rates. If you don't use the tax rate table, you will receive the 2023 Tax tables and tables can be found in Publication 554 if using this calculator in 2018. If you want to see how your income stacks up to the top tax bracket, use the calculator on IRS.gov or use the tax rate table. Use the rate table to determine your tax rate by filing status, filing status only, or filing status and a spouse. Â .00. .00. .00. .00. 6. Enter 114,600 if filing jointly or qualifying widow(er); 73,600Â if filing separately; Federal Form 6251 Adjusted Income, 2023 Tax Years If you want to determine the adjusted income for the 2023 tax year based on adjusted gross income, use the calculator on IRS.gov or use the tax rates table. Use the tax rates table to determine your modified adjusted income for the 2023 tax year based on your adjusted gross income. 6. Adjusted Gross Income if filing jointly: 113,700 if you're a single person filing joint return; 118,500 if you're a married filing joint return; 74,100 if filing separately; 58,800 if filing separately as a married filing separately (and filing a joint return with someone other than your spouse); 52,700 if you're married filing separately (and filing a joint return with someone other than your spouse). 7. Adjusted Gross Income if filing separately: 103,100 if you're single; 118,500 if you're married filing separate; 74,100 if filing separate as a married filing separate. If filing separately and filing a joint return with someone other than your spouse, enter 53,400 (if you're married filing separately). If filing under this status but not filing the joint return with someone else, enter 33,700 (if married filing apart). 8.
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Video instructions and help with filling out and completing Form 6251 line 6
