Form 6251 Online Kentucky 2024-2025

Form 6251 Online Kentucky: What You Should Know

Filing status. A resident of one of the 50 states or the District of Columbia must report to the IRS the income on which the alternative minimum tax is due. However, the person paying the alternative minimum tax (for example, a federal tax refund) may not have to withhold tax from any tax payment. If an income tax return is filed by a U.S. citizen filing Form 1040 or Form 1040NR, the income tax must be withheld from the refund you receive (and the income tax credit for certain dependent exemptions that are included in the refund). If there is no income tax to withhold, a joint return filing is not required. 2. Alternative minimum tax. The alternative minimum tax is a tax on the part of every tax payment that is over the amount for which withholding has been withheld. An individual's excess tax payment is any excess tax payment over the adjusted gross income (AGI) shown on the taxpayer's tax return. The minimum tax amount is the tax on that payment that is more than the minimum tax withholding requirement shown on the tax return. If the refund amount is more than the amount of tax to be withheld, no tax will be paid on the excess. If the excess tax payment is below the maximum amount that can be withheld from the refund, the excess tax will not be used in the computation of the tax due. The excess tax payment plus the balance of the excess tax payment can be divided by the amount of the tax due (in excess of the minimum tax withholding) but not by the total tax paid for the tax year. The tax due is then entered from the lower side of line 12 of Form 6251 to determine the amount of the alternative minimum tax. 3. Minimum tax withholding. An amount is imposed as an alternative minimum tax when the tax is not paid. The amount can be paid either on a single payment or on a periodic payment. An individual may be subject to additional penalties for penalties not collected, or the amount of the tax not paid could be added to the taxpayer's other taxes due. 4. Creditable unused tax credit. This credit is allowed for all income tax paid with a claim for the credit. The credit can be in the form of a partial credit or a full credit. The minimum tax withholding on a creditable unused tax credit is 1.50 for each tax year from the following schedules: Section 1406(d)(2)(A) (FATWA); Section 833 (Medicare tax); and § 1404 (child tax credit).

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