What Is IRS Form 6251? - TurboTax Tax Tips & Videos - Intuit-2025

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The document is a worksheet for calculating the Maine Minimum Tax Credit and its carryforward to 2023, specifically for use with Form 1040ME. It outlines steps to determine the minimum tax credit based on prior year's carryforward and current year's tax liability, providing instructions for reporting on the tax return.

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What qualifies as adjustments to income?

Income adjustments can include contributions to eligible retirement accounts, student loan interest you paid, alimony payments to a former spouse (for agreements prior to 2019), self-employed health insurance premiums, and half of the self-employment taxes you pay.

What is IRS Form 6251 used for?

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.

Does AMT apply to investment income?

If you invest in mutual funds, the 1099 you get will list how much interest you received from private activity bonds. This amount is entered on Line 12 to show the income as taxable for AMT purposes.

Why is TurboTax asking for form 8962?

TurboTax will automatically fill out Form 8962 once you enter your Form 1095-A. You have to include Form 8962 with your tax return if: You qualified for the Premium Tax Credit in 2024. You or someone on your tax return received advance payments of the Premium Tax Credit.

Where can I get 6251?

Go to .irs.gov/Form6251 for instructions and the latest information. Part I Alternative Minimum Taxable Income (See instructions for how to complete each line.)

What is the AMT adjustment for investment expenses?

Investment interest: The difference between the regular tax deduction for investment interest and the AMT deduction for investment interest is an AMT adjustment. For regular tax purposes, an individual taxpayer can deduct investment interest to the extent of his or her net investment income.

How do I know if I need to make an AMT adjustment to my investment income or expenses?

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.

What triggers the alternative minimum tax?

The AMT is the excess of the tentative minimum tax over the regular tax. Thus, the AMT is owed only if the tentative minimum tax for the year is greater than the regular tax for that year. The tentative minimum tax is figured separately from the regular tax.

What Is IRS Form 6251? - TurboTax Tax Tips & Videos - Intuit-2025

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