IRS Form 6251 Calculator : Find if You Need to File it

irs form 6251 calculatorIRS Form 6251 is required to be filed by taxpayer who needs to pay alternative minimum tax .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 needs to file Form 6251 ?

You will have to take two tests

See if you claimed any one of the following deduction or expense 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 any , no need to take Form 6251 calculator to find if you need to file it. You will have to file Form 6521. If you have not claimed any of the aforesaid expense/deduction or credit , then use tax calculator below

Read IRS page on Form 6251

Your comment about the aforesaid calculator will be highly appreciated .

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