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Home FAQ on Tax Issues

AMT Calculator for Form 6521

by Prashant Thakur
February 14, 2020
in FAQ on Tax Issues
0

AMT calculato is a quick finder for your liability to fill IRS Form 6251. This form 6521 is a prescribed form and required to be filed by every taxpayer liable to pay alternative minimum tax (AMT) .AS you know the AMT applies to taxpayers who have certain types of income that receive favorable treatment, or who qualify for certain deductions, under the tax law .Now the alternative minimum tax is paid by everyone who has income beyond amt exemption limit specified by the IRS. If you refer the IRS  instruction for line 45 ( related to alternate minimum tax ) of Form 1040 , you will find a worksheet to find out if you need to file form 6251 .  Given below another amt calculator based on the same worksheet that will tell you if you need to file the Form 6251.

Who must file Form 6251 ?

You will have to take two tests. First is to see , any of  the following deduction or expense were claimed by while computing the income
  1. Accelerated depreciation.
  2. Tax-exempt interest from private activity bonds.
  3. Intangible drilling, circulation, re-search, experimental, or mining costs.
  4. Amortization of pollution-control facilities or depletion.
  5. Income or (loss) from tax-shelter farm activities, passive activities, partnerships, S corporations, or activities for which you aren’t at risk.
  6. Income from long-term contracts not figured using the percent-age-of-completion method.
  7. Interest paid on a home mortgage not used to buy, build, or substantially improve your home.
  8. Investment interest expense reported on Form 4952.
  9. Net operating loss deduction.
  10. Alternative minimum tax adjustments from an estate, trust, electing large partnership, or cooperative.
  11. Section 1202 exclusion.
  12. Stock by exercising an incentive stock option and you didn’t dispose of the stock in the same year.
  13. Any general business credit claim-ed on Form 3800 if either line 6 (in Part I) or line 25 of Form 3800 is more than zero
  14. Qualified electric vehicle credit.
  15. Alternative fuel vehicle refueling property tax.
  16. Credit for prior year minimum tax.
  17. Foreign tax credit

If you have claimed anyone of the above , no need to use the AMT Calculator given below to find if you need to file Form 6521 it. You will have to file Form 6521.

However , if you have not claimed any of the aforesaid expense/deduction or credit, then use AMT calculator below

AMT Calculator to Find if You Need to file 6521

Read IRS page on Form 6251

Your comment about the aforesaid calculator will be highly appreciated.

Post Disclaimer

While the information on this site  - Internal Revenue Code Simplified-is about legal issues, it is not legal advice or legal representation. Because of the rapidly changing nature of the law and our reliance upon outside sources, we make no warranty or guarantee of the accuracy or reliability of information contained herein.

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  • Tax Rates 2023
    • Pension Plans Limits 2023
    • Estate & Trust
    • 2022 Tax Brackets
      • USA State and Local Taxes
      • EIC Table 2023, 2022
    • Tax Bracket 2021
    • Tax Brackets 2020
    • Tax Bracket 2019
      • Long Term Capital Gains Rate- 2019,2018,2017
      • 2019 & 2018 Standard Deduction
      • Kiddie Tax Brackets
    • Depreciation MACRS Table
  • Tax Information
    • Latest Phone number of IRS
    • Local Taxpayer Advocate Service Office
    • Search CAA & AA
  • Tax Calculator 2022 & 2023
    • Fastest Sales Tax Reverse Calculator
    •  EITC Calculator 2022 & 2023
    • SEP-IRA Calculator
    • Penalty Calculator
    • IRA Contribution Limit Calculator
    • Mileage Reimbursement Calculator
    • Net Investment Calculator
    • Alternative Minimum Tax Calculator for 2017 & 2018
    • Estimated Tax Penalty
    • Section 179 Deduction
    • tax residency
      • Physical Presence Test Calculator
      • US Tax Residency Calculator
      • First Year Choice Calculator
    • Capital Gains Calculator
    • Home Office Deduction Calculator
  • Write to me
  • Q&A
  • State and Local Taxes
    • California Tax Calculator With Tax Rate
    • DC Tax Rates 2022 & Past Years
    • Massachusetts tax calculator
    • Illinois tax calculator with tax rates
    • Indiana Tax Rate Chart
    • NY State Tax Rate 2022
  • Privacy Policy
  • Guest Posting

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