AMT and Equity Compensation
Alternative minimum tax, nonqualified stock options, incentive stock options and other forms of equity compensation.
If tax liability is higher than AMT, do I still have to file 6251
Posted by: Sasha, February 24, 2018 03:46AM
Hi,
I filled out Form 6251 by hand :-)!!!
I had to go painfully through all the lines all the way to the end of the form to find out that our AMT amount is lower than my calculated tax on the Qualified Div.& Capital Gains worksheet.

Do I still have to attach 6251 to the tax return even though we don't owe AMT. I tried googling but didn't find a short and clear answer.

Thank you.

Re: If tax liability is higher than AMT, do I still have to file 6251
Posted by: ruth, February 24, 2018 05:35AM
Attach Form 6251 to your return if any of the following statements is true.

Form 6251, line 31, is greater than line 34.

You claim any general business credit, and either line 6 (in Part I) or line 25 of Form 3800 is more than zero.

You claim the qualified electric vehicle credit (Form 8834) or the credit for prior year minimum tax (Form 8801).

The total of Form 6251, lines 8 through 27, is negative and line 31 would be greater than line 34 if you did not take into account lines 8 through 27.


Re: If tax liability is higher than AMT, do I still have to file 6251
Posted by: Sasha, February 24, 2018 03:11PM
Thank you, Ruth. This is good news for us! I can skip this form. Hooray!

Re: If tax liability is higher than AMT, do I still have to file 6251
Posted by: triad, February 24, 2018 06:32PM
Keep your copy with your records. Occasionally, the IRS will goof and ask for it.

Re: If tax liability is higher than AMT, do I still have to file 6251
Posted by: Sasha, February 24, 2018 11:59PM
Yes, I did print out the form just in case. Since I'm using Free Fillable Forms service, I printed out 6251 for myself, but I deleted afterwards so it doesn't stay in the package of the whole transmittal.

Thanks for the tip.



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