Do I have to fill out Form 6251?

To figure out whether you owe any additional tax under the Alternative Minimum Tax system, you need to fill out Form 6251. If the tax calculated on Form 6251 is higher than that calculated on your regular tax return, you have to pay the difference as AMT in addition to the regularly calculated income tax.

Where can I get Form 6251?

Information about Form 6251 and its separate instructions is at .irs.gov/form6251. Attach to Form 1040 or Form 1040NR. Part I Alternative Minimum Taxable Income (See instructions for how to complete each line.)

What is the AMT exemption for 2012?

The American Taxpayer Relief Act of 2012 (ATRA, P.L. 112-240) permanently indexed the AMT based on the FY2012 exemption amounts. ATRA set the exemption amounts for 2012 at $50,600 for single filers and $78,750 for joint filers.

What is Form 6251 2012?

Purpose of Form Use Form 6251 to figure the amount, if any, of your alternative minimum tax (AMT). 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.

What is the purpose of the Alternative Minimum Tax?

The Alternative Minimum Tax (AMT) was designed to keep wealthy taxpayers from using loopholes to avoid paying taxes. But because it was not automatically updated for inflation, more middle-class taxpayers were getting hit with the AMT each year.

Who needs to fill out Alternative Minimum Tax?

The alternative minimum tax, or AMT, is a different, yet parallel, method to calculate a taxpayer's bill. It applies to people whose income exceeds a certain level and is intended to close the loopholes that allow them to reduce or eliminate their tax payments.

What is the AMT exemption for 2012?

The American Taxpayer Relief Act of 2012 (ATRA, P.L. 112-240) permanently indexed the AMT based on the FY2012 exemption amounts. ATRA set the exemption amounts for 2012 at $50,600 for single filers and $78,750 for joint filers.

Do I need to attach Form 6251?

When you complete Form 6251, you must attach it to your personal tax return. However, you must also transfer the amount of AMT you are liable for to your Form 1040. Your Form 1040 has a specific line item where you can report the AMT so that your total tax is reported on the tax return.

Get 2012 Form 6251

Form Alternative Minimum TaxIndividuals 6251 Department of the Treasury Internal Revenue Service (99) Information OMB No. 15450074 Name(s) shown on Form 1040 or Form 1040NR Part I 2012 about Form.

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