Form 6251

Description

Form 6251 - is used to calculate the alternative minimum tax. The alternative minimum tax usually does not apply to individuals unless they have substantial income or have a large amount of certain credits or deductions. The most common items to trigger the alternative minimum tax are Incentive Stock Options when you exercise the option but do not sell the stock, large families that have a high number of personal exemptions, large amounts of medical expenses, and large amounts of job expenses and other miscellaneous itemized deductions. Other common items that factor into the alternative minimum tax calculation include, deductions for taxes, mortgage interest from a loan that was not used to buy, build, or improve your home, and tax-exempt interest from private activity bonds.

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