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Calculate alternative minimum tax items for Schedule K-1, Box 12

The application calculates alternative minimum tax items for Schedule K-1, Box 12 as follows.
  • Code A - Adjustment for Minimum Tax Purposes
    : This is your share of the difference between Schedule I line 42 and Schedule B line 15. You'll report this total amount on Form 6251, line 2j.
  • Codes B to F - AMT Adjustments for Specific Income Types
    : The application calculates these adjustments by multiplying the Code A amount by a ratio. The ratio compares a specific type of income to your total income from Schedule K-1 lines 1, 2a, 3, 4a, 5, 6, 7, and 8.
  • Code B - Qualified Dividends
    : If you received qualified dividends, the application divides your qualified dividends (Schedule K-1 line 2b) by your total income to get the ratio.
  • Code C - Net Short-Term Capital Gain
    : If you had short-term capital gains, the application divides your short-term gains (Schedule K-1 line 3) by your total income to get the ratio.
  • Code D - Net Long-Term Capital Gain
    : If you had long-term capital gains, the application divides your long-term gains (Schedule K-1 line 4a) by your total income to get the ratio.
  • Code E - Unrecaptured Section 1250 Gain
    : If you had unrecaptured section 1250 gains, the application divides these gains (Schedule K-1 line 4c) by your total income to get the ratio.
  • Code F - 28% Rate Gain
    : If you had 28% rate gains, the application divides these gains (Schedule K-1 line 4b) by your total income to get the ratio.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1041 Fiduciary
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