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2013 ALTERNATIVE MINIMUM TAX (AMT) 2013 TAX RATE SCHEDULE Your tax is: Of amount over: If taxable income is: Single, head of household, married filing jointly, or surviving spouse If taxable income

How to fill out 2013 alternative minimum tax

How to fill out 2013 alternative minimum tax:

1. Gather all necessary documents and information, including your 2013 tax return, Form 6251 (Alternative Minimum Tax) and any supporting documents such as W-2s, 1099s, and records of deductions and credits.
2. Complete the first part of Form 6251, which includes providing personal information such as your name, Social Security number, and filing status.
3. Calculate your alternative minimum taxable income (AMTI) by making adjustments to your regular taxable income. This may include adding back certain deductions, exemptions, and tax preferences.
4. Use the AMTI to calculate your alternative minimum tax liability by applying the appropriate tax rates and comparing it to the regular tax liability.
5. Complete the rest of Form 6251, following the instructions provided. This may involve entering calculations and numbers from various forms and schedules.
6. Transfer the final alternative minimum tax liability to your 2013 tax return, specifically on Line 45 of Form 1040 or Line 28 of Form 1040NR.

Who needs 2013 alternative minimum tax:

1. Taxpayers who have a higher income or certain deductions and credits that could trigger the alternative minimum tax (AMT) are required to determine if they owe AMT for the tax year 2013.
2. The AMT is designed to ensure that taxpayers with higher incomes or substantial deductions still pay a minimum amount of tax. Therefore, individuals who have a significant amount of income, large deductions (such as high state and local taxes, significant depreciation, or certain tax-exempt interest), or certain tax preferences (such as exercising incentive stock options) may be subject to the AMT.
3. Additionally, individuals who have received a notification from the Internal Revenue Service (IRS) indicating that they may owe AMT for the tax year 2013 should also fulfill their obligation by completing and filing the appropriate forms, including Form 6251.

For pdfFiller’s FAQs

What is alternative minimum tax amt?

The alternative minimum tax (AMT) is a separate tax calculation that ensures taxpayers pay a minimum amount of tax, regardless of deductions and credits.

Who is required to file alternative minimum tax amt?

Individuals or businesses with high income or certain tax preferences may be required to calculate and pay the alternative minimum tax.

How to fill out alternative minimum tax amt?

To fill out the alternative minimum tax, taxpayers must complete IRS Form 6251 and follow the instructions provided.

What is the purpose of alternative minimum tax amt?

The purpose of the alternative minimum tax is to ensure that taxpayers with high income and various tax benefits pay at least a minimum amount of tax.

What information must be reported on alternative minimum tax amt?

Taxpayers must report their income, adjustments, preferences, and exemptions on the alternative minimum tax form.

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