Iowa 6251-2025

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The document is the 2021 Iowa Alternative Minimum Tax (AMT) form IA 6251 for individuals, detailing the adjustments and preferences that must be considered when calculating Iowa AMT. It includes instructions on who must file, how to report various income adjustments, and specific calculations for determining Iowa AMT liability based on filing status. The form also addresses nonresidents and part-year residents, outlining their requirements for reporting Iowa source income and adjustments.

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Who needs to pay alternative minimum tax?

Who pays the alternative minimum tax? You have an income above the AMT exemption (see above). You exercise incentive stock options (i.e., ISOs) to buy stock at a discounted strike price. You have a high ratio of long-term capital gains to ordinary income. You earn income from specific sources.

What is the new tax law for Iowa 2025?

The comprehensive tax reform, signed by Gov. Kim Reynolds into law last spring, lowers the individual income tax from its top rate of 5.7% to a single flat rate of 3.8% in 2025. Thats significantly lower than the peak rate of nearly 9% about six years ago when state lawmakers began reducing the personal income tax.

Do you get AMT tax back?

Unfortunately, the AMT credit is not as simple as paying the tax in year one and claiming a refund of the entire amount in year two. Instead, the amount of AMT credit you can take in a given year is limited to the amount that your regular tax liability exceeds your AMT calculation in that given year.

How do I know if I qualify for alternative minimum tax?

Taxpayers who have incomes that exceed the AMT exemption of $88,100 (single), $137,000 (married filing jointly) and $68,500 (married filing separately) in 2025 may be subject to the alternative minimum tax when they file their 2026 tax return. AMT tax rates are 26% or 28%.

Who is subject to corporate alternative minimum tax?

CAMT generally applies to large corporations with average annual financial statement income exceeding $1 billion.

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What is the Iowa Illinois reciprocal tax agreement?

Iowa and Illinois have a reciprocal agreement for individual income tax purposes. At this time, Iowas only income tax reciprocal agreement is with Illinois. Any wages or salary made by an Iowa resident working in Illinois is taxable only to Iowa and not to Illinois.

What is tax form 6251?

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.

Iowa 6251-2025

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Who needs to pay alternative minimum tax?

What is the new tax law for Iowa 2025?

Do you get AMT tax back?

How do I know if I qualify for alternative minimum tax?

Who is subject to corporate alternative minimum tax?

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What is the Iowa Illinois reciprocal tax agreement?

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