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Click ‘Get Form’ to open the DR 0104AMT in the editor.
Begin by entering your last name, first name, and middle initial along with your SSN or ITIN at the top of the form.
For line 1, input the amount from line 6 of Federal Form 6251. If applicable, subtract line 5 from line 4 on that form and enter any negative result here.
On line 2, calculate and enter the sum of lines 3 and 4 from form DR 0104 as instructed.
Proceed to line 3 to sum lines 1 and 2. This total will be used for further calculations.
For line 4, enter all subtractions from DR 0104AD excluding any state income tax refund.
Subtract line 4 from line 3 on line 5. This value is crucial for determining your alternative minimum tax.
Multiply the amount on line 5 by 3.47% for line 6. If you are a nonresident or part-year resident, ensure you apportion this correctly.
Finally, compare this amount with your Colorado normal tax from line 8 of form DR 0104 to determine your alternative minimum tax on line 8.
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Who does the 15% alternative minimum tax apply to?
The Inflation Reduction Act created the CAMT, which imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations for taxable years beginning after Dec. 31, 2022. The CAMT generally applies to large corporations with average annual financial statement income exceeding $1 billion.
Why am I paying AMT tax?
Under the tax law, certain tax benefits can docHubly reduce a taxpayers regular tax amount. The alternative minimum tax (AMT) applies to taxpayers with high economic income by setting a limit on those benefits. It helps to ensure that those taxpayers pay at least a minimum amount of tax.
What is the current AMT tax rate?
The AMT has two tax rates. In 2023, the first $220,700 of income above the exemption is taxed at a 26 percent rate, and income above that amount is taxed at 28 percent.
What is Dr. 0104PN?
DR 0104PN - Part-Year Resident/Nonresident Calculation Schedule. Tax is prorated so that it is calculated only on income received in Colorado or from sources within Colorado. We recommend you review Income Tax Topics: Part-Year Residents Nonresidents(opens in new window) if this applies to you.
Who qualifies for Colorado Tabor refund?
Taxpayers Bill of Rights (TABOR) You can claim this years TABOR refund if all of these are true for you: If you were 18 or older for all of 2024. You lived in Colorado for all of 2024. You owe tax on your 2024 Colorado state income tax return, or you are claiming a refund of wage withholding.
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DR 0104 InstructionsDR 4702p letterDR 0104PNDR 0104CRDR 0104CR line 23File DR 0104 OnlineDR 0619Dr 4746p state of Colorado
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DR 0104AMT - Alternative Minimum Tax Computation Schedule. Individual taxpayers are subject to a Colorado alternative minimum tax equal to the amount by which 3.47% of their Colorado alternative minimum taxable income exceeds their Colorado normal tax. View Download Form DR 0104AMT (2024)
Who needs to fill out a 1040 form?
Most U.S. citizens or permanent residents who work in the U.S. have to file a tax return. Generally, you need to file if: Your income is over the filing requirement. You have over $400 in net earnings from self-employment (side jobs or other independent work)
Related links
DR 0104AMT, 2024 Colorado Alternative Minimum Tax
Oct 11, 2024 Individual taxpayers are subject to a Colorado alternative minimum tax equal to the amount by which. 3.47% of their Colorado alternative
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