Form IA 6251 2017 Iowa Alternative Minimum Tax - Individuals - Iowa

Form IA6251 or the "Iowa Alternative Minimum Tax - Individuals" is a form issued by the Iowa Department of Revenue.

The form was last revised in May 10, 2017 and is available for digital filing. Download an up-to-date fillable Form IA6251 in PDF-format down below or look it up on the Iowa Department of Revenue Forms website.

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2017 IA 6251
Iowa Alternative Minimum Tax - Individuals
https://tax.iowa.gov
Name(s)
Social Security Number
PART I - Iowa Adjustments and Preferences. See instructions
If you itemized deductions on Schedule A (IA 1040), start on line 1. If you did not itemize on your IA 1040,
start on line 6.
1. Medical and dental. If you or your spouse was 65 or older, enter the smaller of
Schedule A (IA 1040), line 3, or 2.5% (.025) of federal Form 1040, line 38
(federal 1040A, line 21 or 1040EZ, line 4) as adjusted for disallowance of
depreciation/section 179, from line 14 of the IA 1040. .................................................. 1.
2. Taxes from Schedule A (IA 1040), line 8 ...................................................................... 2.
3. Enter the home mortgage interest adjustment, if any, from federal Form 6251 ............ 3.
4. Miscellaneous deductions from Schedule A (IA 1040), line 24 ..................................... 4.
5. Enter the amount, if any, from IA 104 (Iowa Itemized Deductions Worksheet), step 2,
line 11. If you are not required to complete the IA 104, enter zero. See instructions .... 5.(
)
6. Refunds of taxes (exclude Iowa income tax) ................................................................ 6.(
)
7. Investment interest expense (difference between regular tax and AMT) ...................... 7.
8. Qualified small business stock ...................................................................................... 8.
9. Exercise of incentive stock options (excess of AMT income over regular tax income) . 9.
10. Estates and trusts [amount from federal Schedule K-1 (Form 1041) .......................... 10.
11. Electing large partnerships [amount from federal Schedule K-1 (Form 1065-B)] ........ 11.
12. Disposition of property (difference between AMT and regular tax gain or loss) .......... 12.
13. Depreciation on assets placed in service after 1986 (difference between regular
tax and AMT) .............................................................................................................. 13.
14. Passive activities (difference between AMT and regular tax income or loss) .............. 14.
15. Loss limitations (difference between AMT and regular tax income or loss) ................ 15.
16. Circulation costs (difference between regular tax and AMT) ....................................... 16.
17. Long-term contracts (difference between AMT and regular tax income) ..................... 17.
18. Mining costs (difference between regular tax and AMT) ............................................. 18.
19. Research and experimental costs (difference between regular tax and AMT) ............ 19.
20. Income from certain installment sales before January 1, 1987 ................................... 20.(
)
21. Other adjustments, including income-based related adjustments ............................... 21.
22. Total Adjustments and Preferences. Add lines 1 through 21 ...................................... 22.
41-131a (10/05/2017)
2017 IA 6251
Iowa Alternative Minimum Tax - Individuals
https://tax.iowa.gov
Name(s)
Social Security Number
PART I - Iowa Adjustments and Preferences. See instructions
If you itemized deductions on Schedule A (IA 1040), start on line 1. If you did not itemize on your IA 1040,
start on line 6.
1. Medical and dental. If you or your spouse was 65 or older, enter the smaller of
Schedule A (IA 1040), line 3, or 2.5% (.025) of federal Form 1040, line 38
(federal 1040A, line 21 or 1040EZ, line 4) as adjusted for disallowance of
depreciation/section 179, from line 14 of the IA 1040. .................................................. 1.
2. Taxes from Schedule A (IA 1040), line 8 ...................................................................... 2.
3. Enter the home mortgage interest adjustment, if any, from federal Form 6251 ............ 3.
4. Miscellaneous deductions from Schedule A (IA 1040), line 24 ..................................... 4.
5. Enter the amount, if any, from IA 104 (Iowa Itemized Deductions Worksheet), step 2,
line 11. If you are not required to complete the IA 104, enter zero. See instructions .... 5.(
)
6. Refunds of taxes (exclude Iowa income tax) ................................................................ 6.(
)
7. Investment interest expense (difference between regular tax and AMT) ...................... 7.
8. Qualified small business stock ...................................................................................... 8.
9. Exercise of incentive stock options (excess of AMT income over regular tax income) . 9.
10. Estates and trusts [amount from federal Schedule K-1 (Form 1041) .......................... 10.
11. Electing large partnerships [amount from federal Schedule K-1 (Form 1065-B)] ........ 11.
12. Disposition of property (difference between AMT and regular tax gain or loss) .......... 12.
13. Depreciation on assets placed in service after 1986 (difference between regular
tax and AMT) .............................................................................................................. 13.
14. Passive activities (difference between AMT and regular tax income or loss) .............. 14.
15. Loss limitations (difference between AMT and regular tax income or loss) ................ 15.
16. Circulation costs (difference between regular tax and AMT) ....................................... 16.
17. Long-term contracts (difference between AMT and regular tax income) ..................... 17.
18. Mining costs (difference between regular tax and AMT) ............................................. 18.
19. Research and experimental costs (difference between regular tax and AMT) ............ 19.
20. Income from certain installment sales before January 1, 1987 ................................... 20.(
)
21. Other adjustments, including income-based related adjustments ............................... 21.
22. Total Adjustments and Preferences. Add lines 1 through 21 ...................................... 22.
41-131a (10/05/2017)
2017 IA 6251, page 2
PART II - Iowa Alternative Minimum Taxable Income
23. Taxable income from IA 1040, line 38 ......................................................................... 23.
24. Net operating loss deduction. Do not enter as a negative amount .............................. 24.
25. Add lines 22, 23, and 24 ............................................................................................. 25.
26. Iowa Alternative Minimum Tax net operating loss deduction. See instructions ........... 26.
27. Iowa Alternative Minimum Taxable Income. Subtract line 26 from line 25 .................. 27.
PART III
-
Iowa Exemption Amount and Iowa Alternative Minimum Tax Based on Iowa Filing Status
28. Enter the applicable amount below based on your Iowa filing status:
• If filing status 1, 5, or 6, enter $26,000
• If filing status 2, enter $35,000
• If filing status 3 or 4, enter $17,500 ........................................................................ 28.
29. Enter the applicable amount below based on your Iowa filing status:
• If filing status 1, 5, or 6, enter $112,500
• If filing status 2, enter $150,000
• If filing status 3 or 4, enter $75,000 ........................................................................ 29.
30. Subtract line 29 from line 27. If zero or less, enter zero .............................................. 30.
31. Multiply line 30 by 25% (0.25) ..................................................................................... 31.
32. Subtract line 31 from line 28. If zero or less, enter zero .............................................. 32.
33. Subtract line 32 from line 27. If zero or less, enter zero .............................................. 33.
34. Tentative Iowa Alternative Minimum Tax. Multiply line 33 by 6.7% (0.067) ................ 34.
35. Regular tax less exemption credits. IA 1040 line 39, less IA 1040 line 43 .................. 35.
36. Iowa Alternative Minimum Tax. Subtract line 35 from 34; enter here and on IA
1040, line 41. If zero or less, enter zero. See instructions for Iowa Alternative
Minimum Tax Limited to Net Worth ............................................................................. 36.
PART IV
-
Nonresidents and Part-Year Residents Only – Complete Lines 37-40
37. .. Enter Iowa net income plus Iowa adjustments and preferences. If zero or less,
enter zero. See instructions. ....................................................................................... 37.
38. Total net income plus total adjustments and preferences. See instructions ................ 38.
39. Divide line 37 by line 38 and enter the result to three decimal places. If greater than
one, enter 1.000. See instructions .............................................................................. 39.
40. Iowa Alternative Minimum Tax. Multiply line 36 by 39. Enter here and on
IA 1040, line 41. See instructions................................................................................ 40.
41-131b (10/05/2017)
Instructions for 2017 IA 6251 – Iowa Alternative Minimum Tax – Individuals
Who Must File IA 6251?
Iowa amount. Recalculate this amount by using
Beginning with tax year 2016, estates and trusts
the Iowa depreciation deduction amounts shown
must use form IA 1041 Schedule I to calculate
on this year’s IA 4562A, and following the federal
alternative minimum tax.
AMT
adjustment
instructions
for
the
“Depreciation on assets placed in service after
An individual should not complete form IA 6251 if:
1986” line of federal form 6251.
• Your filing status is single and your net
Line 21: If the amount of your Iowa depreciation
income (IA 1040, line 26) is $9,000 or less
deduction
or
any
other
Iowa
decoupling
($24,000 or less if 65 or older on 12/31/17);
adjustment for this year was different from the
or
amount shown on your federal return, you may
• Your filing status is other than single and your
need to recalculate the amounts shown on the
net income (IA 1040, line 26) is $13,500 or
federal form 6251 line 27 to adjust for the Iowa
less ($32,000 or less if you or your spouse
amount. Recalculate this amount by using the
was 65 or older on 12/31/17).
Iowa depreciation deduction amounts shown on
All other individuals who had one or more of the
this year’s IA 4562A, or other decoupling
adjustments or preferences in Part I must
adjustments shown on IA 1040 line 14, and
complete form IA 6251 to see if they owe Iowa
following
the
federal
AMT
adjustment
Alternative Minimum Tax (AMT). Taxpayers may
instructions for the “Other Adjustments” line of
have an Iowa AMT liability even if they owed no
federal form 6251.
federal AMT. Nonresidents who have a liability for
Note: The federal tax preferences for percentage
Iowa AMT are required to file an Iowa return even
depletion of an oil, gas, or geothermal well and
if they have no regular Iowa income tax liability.
intangible drilling costs from federal Form 6251
Married filing separate filers: Each spouse needs
are not tax preferences but are additions to
to complete a separate IA 6251.
income on IA 1040, line 14.
Note: The Iowa AMT Credit is available that may
Part II – Iowa Alternative Minimum Taxable
Income
reduce the regular tax of an individual for Iowa
Line 26: A net operating loss can be carried
AMT paid in a prior year. See instructions for form
back or carried forward to reduce a taxpayer’s
IA 8801.
alternative minimum taxable income. However,
before the net operating loss can be deducted, it
Part I - Iowa Adjustments and Preferences
must be reduced by any adjustments and tax
Part I of the IA 6251 corresponds to Part I of
preferences used in computing the net operating
federal Form 6251 except as noted.
loss. A net operating loss that is carried to the
current tax year on line 26 cannot exceed 90% of
Line 3 and Lines 7 through 21:
See the
the amount on line 25. Any portion of the net
corresponding lines on federal Form 6251 for
operating loss that cannot be used can be carried
additional guidance.
over to the next tax year.
Line 5: You may be required to complete the IA
Part IV - Nonresidents and Part-Year Residents
104 (Iowa Itemized Deductions Worksheet) if your
Nonresidents and part-year residents of Iowa
federal AGI, plus bonus depreciation/section 179
are required to pay Iowa AMT only on the
adjustment and all other decoupling from the IA
percentage of adjustments and tax preferences
1040, line 14, is more than: $311,300 for
that are Iowa source. Lines 37 through 40 in Part
qualifying widow(er) or married filing jointly;
IV must be completed to calculate the Iowa AMT
$285,350 for head of household; $259,400 for
liability for nonresidents and part-year residents
single filers; or $155,650 for married filing
only if one has Iowa source adjustments or
separately on your federal return. See IA 104 for
preferences.
more information.
Line 37: Add Iowa net income from IA 126, Iine
Line 13: If the amount of your Iowa depreciation
26, plus the total of only those adjustments and
deduction for this year was different from the
tax preferences from IA 6251, line 22 that are from
amount of your federal depreciation deduction,
Iowa sources.
you may need to recalculate the amounts shown
on the federal form 6251 line 18 to adjust for the
41-131c (10/05/17)

Download Form IA 6251 2017 Iowa Alternative Minimum Tax - Individuals - Iowa

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