Wichita Kansas Form 6251 2024-2025

Wichita Kansas Form 6251: What You Should Know

The AMT is imposed on individuals and businesses earning income or receiving certain types of compensation, such as investment income and pension income, that are deemed to be in excess of threshold amounts. AMT is not imposed on individuals that do not meet the definition of an individual and who have no income or compensation other than capital gains; however, the AMT can be imposed on individuals that do meet the definition of an individual. The AMT is imposed at a rate of 30% on the excess of the individual's adjusted gross income over certain threshold amounts, including the net investment income exclusion of the alternative minimum tax (ANTI), the investment income exclusion of the ANTI, or the net investment income tax exclusions (DIET). The amount of tax imposed on individuals is increased or decreased by increases or decreases in other tax brackets. The AMT is computed separately for each type of income or compensation. Individuals are required to pay the AMT unless the AMT is allowed as a deduction from their income for determining a tax liability. If AMT is allowed as a deduction, the AMT is figured by adding 0.9% of the net investment income exclusion on which the AMT is based to the amount of income attributable to the net investment income exclusion. Form 6251: Alternative Minimum Tax-Individuals — A Taxpayer is Required to Pay the Alternative Minimum Income tax and alternative minimum tax are taxes for various kinds of income such as salary, wages, dividends, capital gains and business income. You may be required to pay the alternative minimum tax if: • your income is below filing threshold; • you have certain high-income status, and/or • you are a non-businessperson. For more information about alternative minimum taxes, see the instructions for Form 6251: Alternative Minimum Tax-Individuals — AMT (The alternative minimum tax is called the alternative minimum tax [AMT].) Form 6251: Alternative Minimum Tax-Individuals — I Do Not Have to Pay the Alternative Minimum Income tax and alternative minimum tax are taxes for various kinds of income such as salary, wages, dividends, capital gains and business income. You may be required to pay the alternative minimum tax if: • your income is below filing threshold; • you have certain high-income status, and/or • you are a non-businessperson.

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