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Alternative minimum tax overview

Alternative minimum tax (AMT) applies to taxpayers who have certain types of income that receive favorable treatment, or who qualify for certain deductions, under the tax law. These benefits can significantly reduce the regular tax of high income earners. AMT sets a limit on the benefits that can be used to reduce tax. Taxes deducted on Schedule A, for example, are not deducted for AMT purposes. AMT is calculated on Form 6251.
Per Form 6251 instructions, certain income and deduction items receive different tax treatment for regular tax and AMT tax purposes and need to be figured for both tax treatments. UltraTax CS provides AMT versions of forms that need to be refigured for AMT tax purposes. Some examples are 4797, Schedule D, Capital gain tax worksheet, 1116, and K1 reconciliation worksheets. UltraTax CS also provides AMT adjustment fields on the input screens.
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UltraTax CS also provides supporting worksheets for AMT calculations in forms view in the 6251Wrk folder. Additional supporting statements print with form 6251 in the "not required statements" section of the print collation.
UltraTax CS will generate and print Form 6251 in the following scenarios:
  • Form 6251, line 7, is greater than line 10.
  • You claim any general business credit, and either line 6 (in Part I of Form 3800 or line 25 of Form 3800 is more than 0.
  • You claim the qualified electric vehicle (Form 8834) or credit for prior year minimum tax (Form 8801).
  • The total of Form 6251, lines 2c through 3, is negative and line 7 would be greater than line 10 if you did not take into account lines 2c through 3.

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