Iowa Free Printable IA 6251 Alternative Minimum Tax, 41-131 for 2017 Iowa Iowa Minimum Tax Computation 41-131

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Iowa Minimum Tax Computation 41-131
IA 6251 Alternative Minimum Tax, 41-131

2016 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. Tax refund from IA 1040, line 27 ................................................................................... 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 (07/20/16) ) 2016 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 one. 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 (07/20/16) Instructions for 2016 IA 6251 – Iowa Alternative Minimum Tax – Individuals Who Must File IA 6251? Beginning with tax year 2016, estates and trusts must use form IA 1041 Schedule I to calculate alternative minimum tax. An individual should not complete form IA 6251 if:  Your filing status is single and your net income (IA 1040, line 26) is $9,000 or less ($24,000 or less if 65 or older on 12/31/16); or  Your filing status is other than single and your net income (IA 1040, line 26) is $13,500 or less ($32,000 or less if you or your spouse was 65 or older on 12/31/16). All other individuals who had one or more of the adjustments or preferences in Part I must complete form IA 6251 to see if they owe Iowa Alternative Minimum Tax (AMT). Taxpayers may have an Iowa AMT liability even if they owed no federal AMT. Nonresidents who have a liability for Iowa AMT are required to file an Iowa return even if they have no regular Iowa income tax liability. Married filing separate filers: Each spouse needs to complete an IA 6251. NOTE: The Iowa AMT Credit is available that may reduce the regular tax of an individual for Iowa AMT paid in a prior year. See instructions for form IA 8801. Part I - Iowa Adjustments and Preferences Part I of the IA 6251 corresponds to Part I of federal Form 6251 except as noted. Line 3 and Lines 7 through 21: See the corresponding lines on federal Form 6251 for additional guidance. Line 5: You may be required to complete the IA 104 (Iowa Itemized Deductions Worksheet) if your federal AGI, plus bonus depreciation/section 179 adjustment from the IA 1040, line 14, is more than: $311,300 for qualifying widow(er) or married filing jointly; $285,350 for head of household; $259,400 for single filers; or $155,650 for married filing separately on your federal return. See IA 104 for more information. NOTE: The federal tax preferences for percentage depletion of an oil, gas, or geothermal well and intangible drilling costs from federal Form 6251 are not tax preferences but are additions to income on IA 1040, line 14. Part II – Iowa Alternative Minimum Taxable Income Line 26: A net operating loss can be carried back or carried forward to reduce a taxpayer’s alternative minimum taxable income. However, before the net operating loss can be deducted, it must be reduced by any adjustments and tax preferences used in computing the net operating loss. A net operating loss that is carried to the current tax year on line 26 cannot exceed 90% of the amount on line 25. Any portion of the net operating loss that cannot be used can be carried over to the next tax year. Part IV - Nonresidents and Part-Year Residents Nonresidents and part-year residents of Iowa are required to pay Iowa AMT only on the percentage of adjustments and tax preferences that are Iowa source. Lines 37 through 40 in Part IV must be completed to calculate the Iowa AMT liability for nonresidents and part-year residents only if one has Iowa source adjustments or preferences. Line 37: Add Iowa net income from IA 126, Iine 26, plus the total of only those adjustments and tax preferences from IA 6251, line 22 that are from Iowa sources. Line 38: Add all-source net income from IA 126, line 27, plus the total of all adjustments and tax preferences from IA 6251, line 22. Line 39: Divide line 37 by line 38 and enter the result to three decimal places (Example: 0.786). Line 40: Multiply line 36 by line 39. The result is the Iowa AMT and is to be entered on IA 1040, line 41. See the instructions below relating to Iowa alternative minimum tax limited to net worth. Iowa Alternative Minimum Tax Limited to Net Worth Taxpayers who meet all qualifications for a distressed sale, but have a debt to asset ratio of 75% or less, are not subject to the AMT in an amount greater than the taxpayer’s net worth. In situations where a taxpayer has multiple transactions (forfeitures, transfers, sales, or exchanges), AMT is limited to net worth prior to the last transaction in the tax year. Please complete the IA 6251B form to determine net worth. Questions? https://tax.iowa.gov 515-281-3114 or 800-367-3388 [email protected] 41-131c (07/20/16)
Extracted from PDF file 2016-iowa-form-ia-6251.pdf, last modified August 2016

More about the Iowa Form IA 6251 Individual Income Tax TY 2016

We last updated the Iowa Minimum Tax Computation 41-131 in February 2017, so this is the latest version of Form IA 6251, fully updated for tax year 2016. You can download or print current or past-year PDFs of Form IA 6251 directly from TaxFormFinder. You can print other Iowa tax forms here.

Other Iowa Individual Income Tax Forms:

TaxFormFinder has an additional 43 Iowa income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form IA 1040 Individual Income Tax Return
IA 1040-A Schedule A
Form IA 126 Nonresident / Part-Year Resident Credit 41-126
Form IA 1040ES Estimated Tax Coupons
IA 1040-B Schedule B

Download all IA tax forms View all 44 Iowa Income Tax Forms


Form Sources:

Iowa usually releases forms for the current tax year between January and April. We last updated Iowa Form IA 6251 from the Department of Revenue in February 2017.

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About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Iowa Form IA 6251

We have a total of six past-year versions of Form IA 6251 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2016 Form IA 6251

IA 6251 Alternative Minimum Tax, 41-131

Iowa Minimum Tax Computation 41-131 2015 Form IA 6251

2014 IA 6251, Iowa Minimum Tax Computation

Iowa Minimum Tax Computation 41-131 2014 Form IA 6251

2014 IA 6251, Iowa Minimum Tax Computation

Minimum Tax Computation 41-131 2013 Form IA 6251

IA 6251 minimum tax computation

2012 Form IA 6251

IA 6251 minimum tax computation

2011 Form IA 6251

IA 6251 minimum tax computation


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