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Iowa Department of Revenue www.state.ia.us/tax 2009 IA Franchise Schedule 4626F Computation of Minimum Tax PERIOD ENDING / (mm/by) All totals are from federal form 4626 except as noted. Federal form

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How to fill out computation of minimum tax

01

To fill out the computation of minimum tax, follow these steps:

02

Gather all relevant financial information, such as income sources, deductions, and exemptions.

03

Determine your adjusted gross income (AGI). This is the total income minus certain deductions.

04

Calculate your alternative minimum taxable income (AMTI). This involves adding back certain deductions and exemptions that were subtracted to calculate AGI.

05

Determine the applicable AMT rate based on your AMTI. This rate will depend on your filing status.

06

Calculate the tentative minimum tax (TMT) by multiplying your AMTI by the applicable AMT rate.

07

Subtract the exemption amount from the TMT. This exemption amount varies depending on your filing status.

08

Compare the regular tax liability with the AMT liability. If the AMT liability is higher, you may owe minimum tax.

09

File the computation of minimum tax form (usually Form 6251) along with your regular tax return.

Who needs computation of minimum tax?

01

Various individuals and entities may need to compute minimum tax, including:

02

- Individuals with high-income levels

03

- Taxpayers with significant deductions and exemptions

04

- Those claiming certain tax credits

05

- Businesses and corporations with substantial income and deductions

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What is computation of minimum tax?

The computation of minimum tax is a calculation done to determine the minimum amount of tax that a taxpayer is required to pay.

Who is required to file computation of minimum tax?

Taxpayers who meet certain criteria set by the tax authorities are required to file computation of minimum tax.

How to fill out computation of minimum tax?

To fill out computation of minimum tax, taxpayers need to provide information about their income, deductions, credits, and any other relevant financial information.

What is the purpose of computation of minimum tax?

The purpose of computation of minimum tax is to ensure that taxpayers pay a minimum amount of tax, even if their regular tax liability is lower.

What information must be reported on computation of minimum tax?

Information such as income, deductions, credits, and other financial details must be reported on computation of minimum tax.

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