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Effective tax year 2021, however, the Iowa AMT is repealed for corporate and franchise income taxes, and the AMT Tax Credit will expire the following tax year. Similarly, the individual income tax AMT provision is subject to repeal in tax year 2023, with the AMT Tax Credit expiring the following tax year.
AMT exemption amounts for 2022 SingleMarried, filing separatelyExemption amount$75,900$59,050Income at which exemption begins to phase out$539,900$539,900The AMT exemption amount for certain individuals under 24 equals their earned income plus $8,200. Oct 21, 2022
More In Forms and Instructions 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.
3. You may need to file Form 6251 if you have specific AMT items. If you need to report any of the following items on your tax return, you must file Form 6251, Alternative Minimum Tax, even if you do not owe AMT. Home mortgage interest on a loan that you did not use to buy, build or improve your home.
Before 2023, Iowa imposes an alternative minimum tax (AMT) on every resident and nonresident taxpayer, including estates and trusts. ( Sec. 422.5(k), Code of Iowa ; Rule 701-39.6(3)(422) ) The Iowa AMT is imposed only to the extent that the minimum tax exceeds the taxpayers regular income tax liability.
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Nonresidents and Part-Year Residents: If you have Iowa-source tax preferences or adjustments, you may be subject to Iowa alternative minimum tax. See form IA 6251. Married Separate Filers (including status 4): Each spouse that had tax preference items and adjustments must complete their own IA 6251.
The AMT ensures that certain taxpayers pay their fair share or at least a minimum amount of tax. It doesnt kick in until income docHubes beyond a certain exemption level. For 2022, the exemption is $75,900 for single filers and $118,100 for couples filing jointly.
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.
Nonresidents and Part-Year Residents: If you have Iowa-source tax preferences or adjustments, you may be subject to Iowa alternative minimum tax. See form IA 6251. Married Separate Filers (including status 4): Each spouse that had tax preference items and adjustments must complete their own IA 6251.
These are some of the most likely situations: Having a high household income. If your household income is over the phase-out thresholds ($1,079,800 for married filing jointly and $539,900 for everyone else), and you have a docHub amount of itemized deductions, the AMT could still affect you.

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