Alternative Minimum Tax 2000 - Minnesota Department of Revenue-2025

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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.
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.)
Who has to file Minnesota state income tax? Filing statusAgeIncome requiring filing Single Under 65 $14,575 and up Single 65 or older $16,525 and up Married filing jointly Both under 65 $29,150 and up Married filing jointly One spouse 65 or older $30,700 and up1 more row Feb 3, 2025
More In Forms and Instructions Use Form 6251 to figure the amount, if any, of your alternative minimum tax (AMT). The AMT applies to taxpayers who have certain types of income that receive favorable treatment, or who qualify for certain deductions, under the tax law.
How to calculate the AMT Determine your regular taxable income. Make required adjustments. Subtract your AMT exemption. Calculate your AMT income. Multiply your AMTI by the AMT rates. Compare the TMT to your regular tax liability. Complete AMT form 6251.

People also ask

The best way to determine if you owe the AMT is to fill out the regular tax form, as well as Form 6251, which essentially adds back certain deductions and exclusions to calculate the alternative minimum taxable income. You pay whichever bill is higheryour regular tax amount or your AMT amount.
How are the Minnesota regular tax and AMT different? The Minnesota AMT uses a broader tax base than the regular tax does and applies a single 6.75 percent rate against that base.

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