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6251 instructions 2024 Form: What You Should Know

If line 24 indicates a deduction other than an exclusion for personal exemptions or the standard deduction, your exclusion amount is the excess of the standard exclusion amount over the exemption amount. The IRS releases one Form CT-6251 for each year. To calculate the 2024 exemption amount, click here. The 2024 and 2024 exemption amounts are 4,081 and 2,974 (the maximum for those taxable years). Sep 27, 2024 — Complete Part II or Line 9, if your total annual income from all sources at the end of 2024 would have exceeded the following threshold based on the number of exemptions: 2024 exemption amount: 31,350 2018 exemption amount: 32,091 If your total AGI for 2024 is greater than the 2024 threshold (31,350), complete Part II and if your AGI is less than 32,091 you will be required to complete line 34 for Part III of form 6251. You must complete line 8 on Form 6251 to report any of the amount of foreign earned income excluded on line 4 of Form 3510. If you used to be a tax return preparer you can use Turbo Tax to calculate an estimated tax liability. See Turbo Tax for tax planning.

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