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Print and Reset Form TAXABLE YEAR 2005 Reset Form Alternative Minimum Tax and Credit Limitations Waterside Filers CALIFORNIA SCHEDULE P (100W) Attach to Form 100W. Corporation name Part I California

How to fill out 2005 alternative minimum tax

How to fill out 2005 alternative minimum tax

1. Gather all necessary documents such as Form 6251, Schedule A, and Schedule D.
2. Determine if you are subject to the alternative minimum tax by comparing your regular tax liability with your alternative minimum tax liability.
3. Complete Form 6251 by following the instructions provided.
4. Fill out Schedule A if you have itemized deductions that are subject to alternative minimum tax adjustments.
5. Complete Schedule D if you have capital gains or losses that need to be included in the alternative minimum tax calculation.
6. Calculate your alternative minimum tax liability based on the information provided.
7. Transfer the appropriate amounts from Form 6251 to your regular tax return.
8. File your tax return with the alternative minimum tax calculation included.

Who needs 2005 alternative minimum tax?

1. Individuals with a high level of income who may be subject to certain tax preferences and adjustments.
2. Taxpayers who have significant itemized deductions that could trigger the alternative minimum tax.
3. Individuals who have large capital gains or losses that may affect their alternative minimum tax liability.

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What is alternative minimum tax?

Alternative minimum tax (AMT) is a separate tax calculation required by the Internal Revenue Service (IRS) in the United States. It is designed to ensure that high-income individuals and corporations pay a minimum amount of tax.

Who is required to file alternative minimum tax?

Individuals and corporations with certain levels of income and deductions are required to calculate and potentially pay alternative minimum tax.

How to fill out alternative minimum tax?

To fill out the alternative minimum tax form, you must complete Form 6251 for individuals or Form 4626 for corporations. You will need to calculate your alternative minimum taxable income and compare it to the regular taxable income.

What is the purpose of alternative minimum tax?

The purpose of alternative minimum tax is to prevent high-income individuals and corporations from using tax deductions and credits to eliminate their tax liability entirely. It ensures that everyone pays at least a minimum amount of tax.

What information must be reported on alternative minimum tax?

You must report your adjusted gross income, tax preferences, and other adjustments specified in the tax code on the alternative minimum tax form.