Get 2022 Instructions For Form 6251. Instructions For Form 6251, Alternative Minimum TaxIndividuals

The corporate AMT does not apply to S corporations, regulated investment companies, and real estate investment trusts.

Then, subtract your AMT exemption (if eligible), which for the 2023 tax year is $81,300 for individuals, $63,250 for married couples filing separately, and $126,500 for married couples filing jointly or qualifying widow(er).

Exclusion items cause a permanent difference between your regular income and AMT income. Exclusion items are deductions, exemptions, or income subtractions not allowed when calculating and paying AMT.

How does the AMT work? Start with taxable income. Calculate your taxable income as you would normally, or enter the amount from Form 1040, line 15. Make required adjustments. ... Subtract your AMT exemption. ... Multiply the result by your AMT tax rate.

Use Form 6251 to figure the amount, if any, of your alternative minimum tax (AMT). The AMT is a separate tax that is imposed in addition to your regular tax. It applies to taxpayers who have certain types of income that receive favorable treatment, or who qualify for certain deductions, under the tax law.

For California purposes, only interest from California obligations is excluded from pre-adjustment AMTI.

Line 2a: Standard deduction or deductible taxes from Schedule A: In calculating the AMT, you cannot take itemized deductions for state and local income tax, real estate taxes and personal property taxes, even though these are deductible on your regular return.

How Is the Adjustment Figured? Subtract the AMT deduction for depreciation from the regular tax deduction and enter the result. If the AMT deduction is more than the regular tax deduction, enter the difference as a negative amount.