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Instructions for How to Fill in IRS Form 6251

Audrey Goodwin

2024-04-18 11:56:27 • Filed to: Other IRS Forms • Proven solutions

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The IRS Form 6251 is known as the form for Alternative minimum tax for individuals issued by the Inland Revenue Service of the United States of America. It is designed to tell an individual whether they owe any Alternative Minimum Tax.

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Instructions for How to Complete IRS Form 6251

Step 1: You can get the IRS Form 6251 from the Department of Treasury or download it online. You can also download the instruction online.

Step 2: Write your name and social security number. Note that you must write your name as shown on Form 1040 or 1040NR.

Step 3: Complete Part I. Alternative Minimum Taxable Income. On line 1, enter the amount from Form 1040, line 41 if filling Schedule A and proceed to line 2 otherwise enter the amount form 1040, line 38 and proceed to line 7. On line 2 for medical and dental, fill the smaller of schedule A form 1040 line 4 if you or your spouse was 65 years and above. On line 3, enter taxes from schedule A Form 1040 line 9. You are required to enter the home mortgage interest adjustment and miscellaneous deductions on line 4 and 5 respectively. For line 6, if form 1040 line 38 is $154,950 or less, enter zero otherwise see instructions. Tax refund, investment interest expenses, depletion will be entered on lines 7,8 and 9 respectively.

For lines 10, 11, 12 and 13, enter the net operating loss deduction, alternative tax net operating loss deduction, interest from specified private activity bond and qualified small business stock. For line 14, enter exercise for incentive stock options, for line 15, estates and trust and electing large partnership on line 16. Line 17,18 and 19 requires information on deposition of property, depreciation of assets and passive activities. For line 20, enter the loss limitation and circulation cost for line 21. Line 22, 23, 24 and 25, enter long term contract, mining cost, research and experimental cost and income from certain installment sales before January 1, 1987. Intangible drilling costs preference and other adjustment is written on lines 26 and 27 respectively. Part I ends with the Alternative Minimum Taxable Income where you are expected to combine lines 1 to 27 if married filing separately and line 28 is more than $246,250. See instruction if needed.

Step 4: Fill Part II. Alternative Minimum Tax (AMT). Line 29 is exempted for those under 24 at the end of 2015. For line 30, you need to subtract line 29 from line 28, if more than zero, proceed to line 31. See the amount to enter on line 31 if you are filling 2555 or 2555EZ. For 32, 33 and 34, enter alternative minimum tax foreign tax credit, tentative minimum tax by subtracting line 32 from line 31 and add the value of 1040 line 44 and 1040 line 46 respectively. Subtract line 34 from line 33 and write the amount on line 35.

Step 5: Complete Part III. Tax Computation Using Maximum Capital gains Rate. On line 36, enter the amount on Form 6251, line 30. But if you bare filling form 2555, write the amount from line 3 of the worksheet in the instructions for line 31. For lines 37,38 and 39, see instructions for the amount to enter. For line 40, you are required to enter the smaller of line 36 or line 39 and subtract line 40 from line 36 for line 41. See further instructions for the amount to enter on lines 42, 43 and 44. For lines 45, subtract line 44 from line 43 and write the value. Enter the smaller of line 36 or 37 in line 46. For line 47, enter the smaller of line 45 or line 46 and the amount is taxed at 0%. For line 48, subtract line 47 from line 46. However, for lines 49 to 64, check the instructions to see if needed and be able to complete them.

Tips and Warnings for IRS Form 6251

When to File: This is an important form for the Department of Treasury. You are expected to supply correct information. You will be responsible for any wrong or incorrect information filled in the form. Ensure they are correct before submission.
Ensure that you do not skip any part or column of the form as it could render the form incomplete and it may not be processed.
Wrong representation of facts and lying on this form may attract consequences such as prosecution. Therefore be careful when filling out the form. If in doubt, confirm before continuation.