Instructions For Form 6251 - 2008 printable pdf download

2 0 08

Department of the Treasury

Internal Revenue Service

Instructions for Form 6251

Alternative Minimum Tax—Individuals

of an ATNOLD attributable to qualified

would be greater than line 35 if you did

Section references are to the Internal

recovery assistance losses. See the

not take into account lines 9 through

Revenue Code unless otherwise noted.

instructions for line 28 on page 8.

28.

General Instructions

8. The following benefits apply in

the Midwestern disaster areas. (For a

Recordkeeping

complete discussion of the temporary

What’s New

tax relief available, see Publication

For the AMT, certain items of income,

The following changes to the alternative

4492-B, Information for Affected

deductions, etc., receive different tax

minimum tax (AMT) apply for 2008.

Taxpayers in the Midwestern Disaster

treatment than for the regular tax.

1. The exemption amount has

Areas.)

Therefore, you need to refigure items

increased to $46,200 ($69,950 if

for the AMT that you figured for the

a. The exemption amount on Form

married filing jointly or qualifying

regular tax. In some cases, you may

8914 that is allowable for the regular

widow(er); $34,975 if married filing

wish to do this by completing the

tax if you provided housing for a person

separately).

applicable tax form a second time. If

displaced by the Midwestern severe

2. The exemption amount is now

you do complete another form, do not

storms, tornadoes, and flooding is also

limited for certain children under age

attach it to your tax return, but keep it

allowable for the AMT.

24. (Before 2008, the limit applied to

for your records. However, you may

b. The interest on qualified

children under age 18.) The minimum

have to attach an AMT Form 1116,

Midwestern disaster area bonds is not a

exemption amount for a child has

Foreign Tax Credit, to your return; see

tax preference item. Do not include it

increased to $6,400.

the instructions for line 33 that begin on

on line 12. See page 3.

3. The interest on certain qualified

page 9.

c. The 90% limit on the alternative

mortgage bonds, qualified veterans’

tax net operating loss deduction

For the regular tax, some deductions

mortgage bonds, and bonds related to

(ATNOLD) does not apply to the portion

and credits may result in carrybacks or

residential rental projects is not a tax

of an ATNOLD attributable to qualified

carryforwards to other tax years.

preference item if the bonds were

disaster recovery assistance losses.

Examples are investment interest

issued after July 30, 2008. Do not

See the instructions for line 28 on page

expense, a net operating loss, a capital

include it on line 12. For details, see

loss, a passive activity loss, and the

section 57(a)(5)(C)(iii).

foreign tax credit. Because you may

4. No AMT adjustment is required

Purpose of Form

have to refigure these items for the

for depreciation of qualified disaster

AMT, the carryback or carryforward

assistance property that is eligible for

Use Form 6251 to figure the amount, if

amount may be different for the AMT

the special depreciation allowance. See

any, of your alternative minimum tax

than for the regular tax. Your at-risk

the instructions for line 18 that begin on

(AMT). The AMT applies to taxpayers

limits and basis amounts also may

page 4.

who have certain types of income that

differ for the AMT. Therefore, you must

receive favorable treatment, or who

5. The 90% limit on the alternative

keep records of these different

qualify for certain deductions, under the

tax net operating loss deduction

amounts.

tax law. These tax benefits can

(ATNOLD) does not apply to the portion

of an ATNOLD attributable to qualified

significantly reduce the regular tax of

Partners and

disaster losses. See the instructions for

some taxpayers with higher economic

line 28 on page 8.

incomes. The AMT sets a limit on the

Shareholders

amount these benefits can be used to

6. If you claimed the standard

If you are a partner in a partnership or a

reduce total tax.

deduction for the regular tax and it

shareholder in an S corporation, see

includes a net disaster loss attributable

Also use Form 6251 to figure the tax

Schedule K-1 and its instructions to

to a federally declared disaster, that net

liability limit on the credits listed under

figure your adjustments or preferences

disaster loss is also allowable as a

Who Must File next.

from the partnership or S corporation to

deduction for the AMT. See the

include on Form 6251.

instructions for line 7 on page 3.

Who Must File

7. The following benefits apply in

Nonresident Aliens

the Kansas disaster area. (For a

Attach Form 6251 to your return if any

complete discussion of the temporary

of the following statements is true.

If you are a nonresident alien and you

tax relief available, see Publication

1. Form 6251, line 32, is greater

disposed of U.S. real property interests

4492-A, Information for Taxpayers

than line 35.

at a gain, you must make a special

Affected by the May 4, 2007, Kansas

2. You claim any general business

computation. Fill in Form 6251 through

Storms and Tornadoes.)

credit on Form 3800, Part I; the

line 31. If your net gain from the

a. No AMT adjustment is required

empowerment zone and renewal

disposition of U.S. real property

for depreciation of qualified recovery

community employment credit; the

interests and the amount on line 29 are

assistance property that is eligible for

qualified electric vehicle credit; the

both greater than the tentative amount

the special depreciation allowance. See

alternative motor vehicle credit; the

you figured for line 31, replace the

the instructions for line 18 that begin on

alternative fuel vehicle refueling

amount on line 31 with the smaller of

page 4.

property credit; or the credit for prior

that net gain or the amount on line 29.

b. The 90% limit on the alternative

year minimum tax.

Also, enter “RPI” on the dotted line next

tax net operating loss deduction

3. The total of Form 6251, lines 9

to line 31. Otherwise, do not change

(ATNOLD) does not apply to the portion

through 28, is negative and line 32

line 31.

Cat. No. 64277P

Instructions For Form 6251 - 2008

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