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2009 Form 4626 Alternative Minimum Tax--Corporations - irs

2009 Form 4626 Alternative Minimum Tax--Corporations - irs-2025

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The document is a notice from the Internal Revenue Service (IRS) regarding an audit of the taxpayer's 2016 Form 1040. It requests supporting documentation for items claimed on the tax return, specifically related to the Earned Income Credit and Additional Child Tax Credit. The taxpayer is instructed to respond within 30 days with the required documents to avoid disallowance of the audited items and potential additional tax liabilities.

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Is form 4626 required for corporations?

Unless a filing exclusion applies, a corporation must file Form 4626 to determine whether it is an applicable corporation and, if it is classified as an applicable corporation, to calculate CAMT.

Who is required to file form 4626 TurboTax?

The IRS instructions say that all corporations must file Form 4626, unless they fall under one of four exclusions, to determine whether they are an applicable corporation, and, if so, to calculate the tax.

Who is exempt from filing form 4626?

Filing exclusions. A corporation is not required to file Form 4626 if the corporation is: An S corporation; A regulated investment company (RIC); A real estate investment trust (REIT);

Is there an Alternative Minimum Tax for corporations?

Corporate alternative minimum tax (CAMT) The CAMT is a 15% minimum tax on adjusted financial statement income (AFSI) of C corporations. The CAMT increases a taxpayers tax to the extent that the tentative minimum tax exceeds regular tax plus base erosion and anti-abuse tax (BEAT).

How do you know if you are subject to Alternative Minimum Tax?

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.

How to calculate corporate alternative minimum tax?

The CAMT imposes a minimum tax on an applicable corporation equal to the excess of 15% of its adjusted financial statement income (AFSI) (minus a foreign tax credit) over its regular corporate tax for the year.

How to suppress form 4626?

How do I suppress Form 4626 in an 1120 return using worksheet view? Go to Taxes Alternative Minimum Tax. Select Section 1 - General. In Line 1 - Form 4626 print options, use the lookup feature (double-click or click F4) to select the applicable option.

What is the safe harbor for 4626?

If the safe harbor of $500 million or less is met, the corporation will not be a considered an applicable corporation for CAMT purposes, and therefore will not be subject to CAMT for the 2023 tax year. Like the $1 billion statutory threshold, the safe harbor would apply on a controlled group basis.

2009 Form 4626 Alternative Minimum Tax--Corporations - irs-2025

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