Instructions For Form 6251 - 2008 (Page 8 of 12) in pdf

$700 greater than your allowable

line 10 amount and treating line 28 as if

b. 100% of AMTI for the tax year

regular tax deduction. In the following

it were zero. Add any domestic

(figured without regard to the ATNOLD

year, when you use the $1,000 regular

production activities deduction to this

and any domestic production activities

tax carryforward, you will have a $700

tentative total. Your ATNOLD is

deduction, as discussed earlier)

positive related adjustment for the AMT

limited to 90% of the result.

reduced by the amount determined

because your AMT carryforward is only

under (1).

However, if an ATNOL that is carried

$300.

back or carried forward to the tax year

Enter on line 28 the smaller of the

is attributable to qualified disaster

Line 28—Alternative Tax Net

ATNOLD or the ATNOLD limitation.

losses (as defined in section 172(j)),

Operating Loss Deduction

qualified Gulf Opportunity Zone losses

Any ATNOL not used may be carried

(ATNOLD)

(as defined in section 1400N(k)(2)),

back 2 years or forward up to 20 years

qualified recovery assistance losses (as

(15 years for loss years beginning

The ATNOLD is the sum of the

defined in Pub. 4492-A, Information for

before 1998). In some cases, the

alternative tax net operating loss

Taxpayers Affected by the May 4,

carryback period is longer than 2 years;

(ATNOL) carryovers and carrybacks to

2007, Kansas Storms and Tordadoes),

for details, see Pub. 536. See Pub.

the tax year, subject to the limitation

or qualified disaster recovery

4492-A for the part of an ATNOL that is

explained later on this page. Figure

assistance losses (as defined in Pub.

a qualified recovery assistance loss or

your ATNOLD as follows.

4492-B, Information for Affected

Pub. 4492-B for the part of an ATNOL

Your ATNOL for a loss year is the

Taxpayers in the Midwestern Disaster

that is a qualified disaster recovery

excess of the deductions allowed for

Areas), the ATNOLD for the tax year is

assistance loss. The treatment of

figuring AMTI (excluding the ATNOLD)

limited to the sum of:

ATNOLs does not affect your regular

over the income included in AMTI.

tax NOL.

1. The smaller of:

Figure this excess with the

modifications in section 172(d), taking

a. The sum of the ATNOL

Note. If you elected under section

into account your AMT adjustments and

carrybacks and carryforwards to the tax

172(b)(3) to forgo the carryback period

preferences (that is, the section 172(d)

year attributable to net operating losses

for the regular tax, the election also

modifications must be separately

other than qualified disaster losses,

applies for the AMT.

figured for the ATNOL). For example,

qualified Gulf Opportunity Zone losses,

Line 29—Alternative

the limitation of nonbusiness

qualified recovery assistance losses,

deductions to the amount of

and qualified disaster recovery

Minimum Taxable Income

nonbusiness income must be

assistance losses, or

If your filing status is married filing

separately figured for the ATNOL, using

b. 90% of AMTI for the tax year

separately and line 29 is more than

only nonbusiness income and

(figured without regard to the ATNOLD

$214,900, you must include an

deductions that are included in AMTI.

and any domestic production activities

additional amount on line 29. If line 29

deduction, as discussed earlier), plus

Your ATNOLD may be limited. To

is $354,800 or more, include an

2. The smaller of:

figure the ATNOLD limitation, you must

additional $34,975. Otherwise, include

first figure your AMTI without regard to

a. The sum of the ATNOL

25% of the excess of the amount on

the ATNOLD and any domestic

carrybacks and carryforwards to the tax

line 29 over $214,900. For example, if

production activities deduction. To do

year attributable to qualified disaster

the amount on line 29 is $234,900,

this, first figure a tentative amount for

losses, qualified Gulf Opportunity Zone

enter $239,900 instead — the additional

line 10 by treating line 28 as if it were

losses, qualified recovery assistance

$5,000 is 25% of $20,000 ($234,900

zero. Next, figure a tentative total of

losses, and qualified disaster recovery

minus $214,900).

lines 1 through 27 using the tentative

assistance losses, or

Special Rule for Holders of a

Residual Interest in a REMIC

Exemption Worksheet—

If you held a residual interest in a real

Line 30

Keep for Your Records

estate mortgage investment conduit

(REMIC) in 2008, the amount you enter

Note. If Form 6251, line 29, is equal to or more than: $297,300 if single or head of household; $429,800

on line 29 may not be less than the

if married filing jointly or qualifying widow(er); or $214,900 if married filing separately; your exemption is

amount on Schedule E, line 38, column

zero. Do not complete this worksheet; instead, enter the amount from Form 6251, line 29, on line 31 and

(c). If the amount in column (c) is larger

go to line 32.

than the amount you would otherwise

1. Enter: $46,200 if single or head of household; $69,950 if married

enter on line 29, enter the amount from

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

column (c) instead and enter “Sch. Q”

separately . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.

on the dotted line next to line 29.

2. Enter your alternative minimum taxable income

(AMTI) from Form 6251, line 29 . . . . . . . . . . . 2.

Part II—Alternative

3. Enter: $112,500 if single or head of household;

Minimum Tax

$150,000 if married filing jointly or qualifying

widow(er); $75,000 if married filing separately

Line 30—Exemption Amount

4. Subtract line 3 from line 2. If zero or less, enter

-0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.

If line 29 is more than the amount

5. Multiply line 4 by 25% (.25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.

shown for your filing status in the

6. Subtract line 5 from line 1. If zero or less, enter -0-. If any of the

middle column of the chart on line 30,

three conditions under Certain Children Under Age 24 apply to

see the worksheet on this page to

you, complete lines 7 through 10. Otherwise, stop here and

figure the amount to enter on line 30.

enter this amount on Form 6251, line 30, and go to Form 6251,

Certain Children Under Age 24

line 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7. Minimum exemption amount for certain children under age 24 . . . . 7.

$6,400

Your exemption amount is limited to the

amount of your earned income plus

8. Enter your earned income, if any (see instructions) . . . . . . . . . . . 8.

$6,400 if condition 1, 2, or 3 next

9. Add lines 7 and 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.

applies to you.

10. Enter the smaller of line 6 or line 9 here and on Form 6251, line

30, and go to Form 6251, line 31 . . . . . . . . . . . . . . . . . . . . . .

10.

1. You were under age 18 at the

end of 2008.

-8-

Instructions For Form 6251 - 2008 Page 8

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