This video is going to illustrate the calculation for alternative minimum tax and alternative minimum taxable income (AMT). I will divide this text into sentences and correct mistakes: - This video is going to illustrate the calculation for alternative minimum tax and alternative minimum taxable income (AMT). - I on the screen here is form 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. This was discussed in point number 5 of the blog, and I gave an example of the calculation there. I'm going to use that example here. So, we have an adjustment of $500 for medical expenses taken from our Schedule A. - Line 3 was discussed in point number 3 of the blog. This is a $7000 adjustment for taxes. - Line 4 deals with our home mortgage interest, discussed in point number 2 of the blog. We have a $1500 mortgage interest adjustment that wasn't utilized to purchase or remodel our home or purchase a second home. - 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 an alternative minimum taxable income of $79,000. - Part 2 of this form basically deals with our exemptions. I'm using the 2009 form here because the 2010 form is not available yet. On line 30, we have our exemption amounts. For married filing jointly, the example I'm using, it's $70,950. We subtract that from our AMT, and we have a remainder of $9,950. - We take that $9,950 and multiply it by the instructions on line 32. It basically says if it's $175,000 or...
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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
