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Topic No. 556 Alternative Minimum TaxInternal Revenue Service

Topic No. 556 Alternative Minimum TaxInternal Revenue Service 2025

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The document is the 2022 Schedule M1MT for Minnesota's Alternative Minimum Tax (AMT), which outlines the necessary steps and calculations for taxpayers who may owe AMT. It includes instructions on how to complete the schedule, detailing various income adjustments, deductions, and tax preference items that affect the calculation of Minnesota AMT. Taxpayers must also reference federal Form 6251 and include it with their filing.

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Who is liable to pay alternative minimum taxes?

AMT is relevant for the following reasons: Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI), or Artificial Judicial Person with a total adjusted income above Rs 20,000,000. Everyone else, regardless of their financial level, excluding the individuals listed above.

At what income level does AMT kick in?

The AMT is indexed yearly for inflation. For the 2025 tax year, its $88,100 for individuals and $137,000 for married couples filing jointly. It introduced higher income levels for exemption phaseout. Phaseout for the 2025 tax year starts at $626,350 for individuals and $1,252,700 for married couples filing jointly.

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.

How do I know if I am subject to AMT?

To find out if you may be subject to the AMT, refer to the Alternative Minimum Tax (AMT) line instructions in the Instructions for Form 1040 (and Form 1040-SR). If subject to the AMT, you may be required to complete and attach Form 6251, Alternative Minimum Tax Individuals. See the Instructions for Form 6251 PDF.

Who has to pay alternative minimum taxes?

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%.

How does the alternative minimum tax credit work?

The alternative minimum tax (AMT) credit is a reduction given to individuals who have paid alternative minimum tax in previous years. Exercising Incentive Stock Options (ISOs) often triggers AMT. Thus anyone who has exercised ISOs in years past may be eligible for AMT credits.

Who is the minimum alternate tax applicable to?

Ans. Almost all companies whether private or public, whether Indian or foreign are liable to pay MAT, if the payable income tax (including cess and surcharge) as per the provisions of Income Tax Act is less than 15% of the book profit plus cess and surcharge.

Topic No. 556 Alternative Minimum TaxInternal Revenue Service 2025

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