Instructions For Form 6251 - 2008 (Page 11 of 12) in pdf

for Line 17 in the Form 1116

tax years and may be revoked only with

Worksheet, whichever applies. (See

instructions.

IRS consent.

line 20 of your AMT Schedule D, if you

completed one, to determine which

1. Enter the amount from Form

worksheet applies.) Complete line 5 of

6251, line 29, on line 1 of the

Line 35

worksheet.

the AMT Qualified Dividends and

If you used Schedule J to figure your

2. Skip lines 2 and 3 of the

Capital Gain Tax Worksheet or lines 3

tax on Form 1040, line 44 (or Form

worksheet.

and 4 of the AMT Schedule D Tax

1040NR, line 41), you must refigure

3. Enter the amount from Form

Worksheet, whichever applies, using

6251, line 51, on line 4 of the

that tax (including any tax from Form

your AMT Form 4952. Use amounts

worksheet.

8814) without using Schedule J before

from Schedule D or the AMT Schedule

4. Multiply line 4 of the worksheet

completing this line. This is only for

D, whichever applies, and either the

by 0.1071 (instead of 0.2857). Enter the

Form 6251; do not change the amount

AMT Qualified Dividends and Capital

result on line 5 of the worksheet.

on Form 1040, line 44 (or Form

Gain Tax Worksheet or the AMT

5. Enter the amount from Form

1040NR, line 41).

Schedule D Tax Worksheet, whichever

6251, line 49, on line 6 of the

applies, to complete lines 38, 39, and

worksheet.

Form 1040NR. If you are filing Form

40 of Form 6251. Keep the AMT

6. Multiply line 6 of the worksheet

1040NR, enter the tax from Form

Schedule D and applicable worksheet

by 0.4643 (instead of 0.5714). Enter the

1040NR, line 41 (minus any tax from

for your records, but do not attach the

result on line 7 of the worksheet.

Form 4972 and any foreign tax credit

AMT Schedule D to your tax return.

7. Enter the amount from Form

from Form 1040NR, line 44). If you

6251, line 48, on line 8 of the

used Schedule J to figure your tax, the

worksheet.

Note. Do not decrease your section

amount on line 41 of Form 1040NR

8. Complete lines 9 and 10 of the

1202 exclusion by the amount, if any,

must be refigured without using

worksheet as instructed on the

on line 13.

Schedule J (see preceding paragraph).

worksheet.

Forms 2555 and 2555-EZ. If you are

Step 7. Enter the amount from Form

filing either of these forms and you

Part III—Tax

6251, line 32, on the AMT Form 1116,

have a capital gain excess, you must

line 19. Complete lines 18, 20, and 21

Computation Using

complete Part III of Form 6251 with

of the AMT Form 1116.

certain modifications. To see if you

Maximum Capital Gains

have a capital gain excess, subtract

Step 8. Complete Part IV of the first

Form 6251, line 31, from line 6 of your

Rates

AMT Form 1116 only.

AMT Qualified Dividends and Capital

Gain Tax Worksheet (or line 10 of your

Lines 38, 39, and 40

Enter on Form 6251, line 33, the

AMT Schedule D Tax Worksheet). If the

You generally can fill out lines 38, 39,

amount from line 29 of the first AMT

result is greater than zero, that amount

and 40 using the amounts from the

Form 1116.

is your capital gain excess.

Qualified Dividends and Capital Gain

Tax Worksheet or the Schedule D Tax

Attach to your tax return, after Form

If you have capital gain excess,

Worksheet, whichever applies, and

6251, all AMT Forms 1116 you used to

figure the amounts to enter on lines 38,

Schedule D (Form 1040), if you

figure your AMTFTC. But do not attach

39, and 40 of Form 6251 using the

completed Schedule D. But do not use

AMT Forms 1116 if your AMTFTC is

following modifications (only for

those amounts if any of the following

the same as your regular tax foreign tax

purposes of Part III of Form 6251).

statements apply.

credit.

1. Reduce the amount you would

1. Any gain or loss on Schedule D is

otherwise enter on line 3 of your AMT

different for the AMT (for example,

AMTFTC Carryback and

Qualified Dividends and Capital Gain

because of a different basis for the

Carryforward

Tax Worksheet or line 9 of your AMT

AMT due to depreciation adjustments,

If your AMTFTC is limited, the unused

Schedule D Tax Worksheet (but not

an incentive stock option adjustment, or

amount generally may be carried back

below zero) by your capital gain

a different AMT capital loss carryover

or forward according to section 904(c).

excess.

from 2007).

However, if you made the election to

2. Reduce the amount you would

2. You did not complete either the

claim the foreign tax credit on Form

otherwise enter on Form 1040, line 9b,

Qualified Dividends and Capital Gain

1040 (or Form 1040NR) without filing

(but not below zero) by any of your

Tax Worksheet or the Schedule D Tax

Form 1116, any unused AMTFTC

capital gain excess not used in (1).

cannot be carried back or forward. In

Worksheet because Form 1040, line 43

addition, no unused AMTFTC from

3. Reduce the amount on your AMT

(or Form 1040NR, line 40), is zero.

another year can be used in any year

Schedule D (Form 1040), line 18, (but

3. You received a Schedule K-1

for which the election has been made.

not below zero) by your capital gain

(Form 1041) that shows an amount in

excess.

box 12 with code B, C, D, E, or F. If this

Simplified Limitation Election

4. Include your capital gain excess

applies, see Beneficiaries of estates or

as a loss on line 16 of your AMT

trusts that begins on this page. Then

You may elect to use a simplified

Unrecaptured Section 1250 Gain

read the following instructions.

section 904 limitation to figure your

Worksheet on page D-9 of the

AMTFTC. If you do, use your regular

Instructions for Schedule D (Form

tax income for Form 1116, Part I,

If (1) or (3) applies, complete lines 1

instead of refiguring your foreign source

1040).

through 20 of an AMT Schedule D by

income for the AMT, as described

refiguring the amounts of your gains

earlier. You must make the election for

Beneficiaries of estates or trusts. If

and losses for the AMT. Next, if (1), (2),

the first tax year after 1997 for which

or (3) applies, complete lines 2 through

you received a Schedule K-1 (Form

you claim an AMTFTC. If you do not

6 of an AMT Qualified Dividends and

1041) that shows an adjustment in box

make the election for that year, you

Capital Gain Tax Worksheet or lines 2

12, follow the instructions in the

may not make it for a later year. Once

through 13 of an AMT Schedule D Tax

following table.

made, the election applies to all later

-11-

Instructions For Form 6251 - 2008 Page 11

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