2024 Form 6251 Alternative Minimum TaxIndividuals-2025

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The document is Form 6251 for the year 2024, used by individuals to calculate the Alternative Minimum Tax (AMT) as part of their federal income tax return. It includes instructions for determining Alternative Minimum Taxable Income and outlines various adjustments and exemptions based on filing status. The form is intended to ensure that taxpayers with higher incomes pay a minimum amount of tax, regardless of deductions or credits.

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What is the minimum alternate tax for individuals?

Calculation of MAT as per Section 115JB It is calculated under section 115JB of the Income Tax Act. MAT is calculated at the rate of 15% (plus surcharge and HEC as applicable) of the taxpayers book profit, and as per section 115JB of the Income Tax Act, book profit is calculated.

What is the minimum alternate tax imposed on?

Minimum Alternate Tax(MAT) is a tax imposed on companies, which escaped corporate tax net or pay very low tax. These companies also called Zero Tax Companies. MAT is introduced to tax Zero Tax Companies. Under MAT Zero Tax Companies are liable to pay a certain tax on their book profits.

What is alternative minimum tax for individuals?

The Alternative Minimum Tax (AMT) is a separate tax system that requires some taxpayers to calculate their tax liability twicefirst, under ordinary income tax rules, then under the AMTand pay whichever amount is highest.

What is alternative minimum tax from 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.

What is the AMT rate for individuals?

The AMT rate is 18.5% of adjusted total income, plus surcharge and cess as applicable. Basically, AMT ensures that individuals benefiting from tax deductions and exemptions pay at least the minimum amount of tax.

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Does alternative minimum tax apply to individuals?

Californias AMT operates similarly to its federal counterpart but with some distinct differences. While the federal AMT applies to both individuals and corporations, Californias AMT is focused solely on individual taxpayers.

At what income level do you pay AMT?

AMT Exemption Amount Thresholds (Updated for 2025) For the 2025 tax year, the AMT exemption is $88,100 for taxpayers filing as single and $137,000 for married couples filing jointly, per the IRS.

What is the alternative minimum tax exemption for 2024?

AMT exemption amounts for 2024 Filing status2024 AMT exemption Single or head of household $85,700 Married, filing separately $66,650 Married, filing jointly $133,300 Oct 25, 2024

2024 Form 6251 Alternative Minimum TaxIndividuals-2025

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