Instructions For Form 6251 - Alternative Minimum Tax-Individuals

through 48 of the AMT Schedule D (you

made, the election applies to all later

If you did not complete line 30 of

may skip lines 33, 37, 39, and 47) or

tax years and may be revoked only with

Schedule D for the regular tax (or line

lines 14 through 46 of the AMT

IRS consent.

19 of the Schedule D Tax Worksheet, if

Schedule D Tax Worksheet (you may

applicable), enter zero on Form 6251,

Part III—Tax

skip lines 22, 26, 28, 36, 38, and 44).

line 43.

c. Complete the rest of the AMT

Note: Do not decrease your section

Computation Using

Worksheet for Line 17 using amounts

1202 exclusion by the amount, if any,

from the AMT Schedule D or AMT

Maximum Capital Gains

on line 12.

Schedule D Tax Worksheet.

Rates

Line 50

6. Enter the amount from Form

6251, line 31, on the AMT Form 1116,

Generally, you may enter the amount, if

line 19. Complete lines 18, 20, and 21

Lines 37, 38, 39, 43, and 46

any, from Schedule D, line 35, on Form

of the AMT Form 1116.

6251, line 50. However, if your qualified

If you did not complete Schedule D

7. Complete Part IV of the first AMT

5-year gain is different for the AMT (for

(Form 1040) but you figured your tax

Form 1116 only.

example, because of a different basis),

using the Qualified Dividends and

you must complete an AMT Qualified

Capital Gain Tax Worksheet in the

Follow the instructions below to

5-Year Gain Worksheet (on page D-10

instructions for line 41 of Form 1040,

figure the amount to enter on Form

of the Schedule D instructions). If the

then:

6251, line 32.

•

amount on any line of the worksheet is

Enter on Form 6251, lines 37 and 39,

If you have no entry on Form 6251,

different for the AMT, use the AMT

the amount from line 6 of that

line 27, and no intangible drilling costs

amount instead of the regular tax

worksheet;

(IDCs) (or the exception for IDCs does

•

amount. Enter the amount from line 8 of

Skip Form 6251, line 38;

not apply to you — see the instructions

•

that worksheet on Form 6251, line 50.

Enter on Form 6251, line 43, the

for line 25 on page 5), enter on Form

amount, if any, from line 10 of the

6251, line 32, the smaller of:

•

worksheet; and

90% of Form 6251, line 31, or

Paperwork Reduction Act Notice.

•

Enter on Form 6251, line 46, the

The amount from line 33 of the first

We ask for the information on this form

amount, if any, from line 11 of the

AMT Form 1116.

to carry out the Internal Revenue laws

worksheet (or if that line is blank, the

If you have an entry on line 27 or the

of the United States. You are required

amount from line 19 of the worksheet).

exception for IDCs applies to you:

to give us the information. We need it to

If you did complete Schedule D, you

ensure that you are complying with

1. Figure the amount of tax that

generally may use the amounts from

these laws and to allow us to figure and

would be on line 31 if line 27 were zero

Schedule D or the Schedule D Tax

collect the right amount of tax.

and the exception did not apply,

Worksheet as instructed on Form 6251,

2. Multiply the amount from 1 above

You are not required to provide the

lines 37, 38, 39, and 46. But do not

by 10%,

information requested on a form that is

use those amounts if either of the

3. Subtract the amount from 2

subject to the Paperwork Reduction Act

following applies.

above from the tax on line 31, and

unless the form displays a valid OMB

1. Any gain or loss on Schedule D is

4. Enter on Form 6251, line 32, the

control number. Books or records

different for the AMT (for example,

smaller of the amount from 3 above or

relating to a form or its instructions

because of a different basis for the

the amount from line 33 of the first AMT

must be retained as long as their

AMT due to depreciation adjustments,

Form 1116.

contents may become material in the

an incentive stock option adjustment, or

administration of any Internal Revenue

Attach to your tax return, after Form

a different AMT capital loss carryover

law. Generally, tax returns and return

6251, all AMT Forms 1116 you used to

from 2002).

information are confidential, as required

figure your AMTFTC.

2. You did not complete Part IV of

by section 6103.

Schedule D because Form 1040, line

AMTFTC Carryback and

The time needed to complete and

40, is zero.

Carryforward

file this form will vary depending on

If 1 or 2 above applies, complete a

individual circumstances. The

If your AMTFTC is limited, the unused

Schedule D for the AMT as follows. If 1

estimated average time is:

amount may be carried back or forward

applies, refigure the amounts for

Recordkeeping, 19 min.; Learning

according to sections 59(a)(2)(B) and

Schedule D, Parts I, II, and III for the

about the law or the form, 1 hr., 14

904(c).

AMT; otherwise, use the regular tax

min.; Preparing the form, 1 hr., 49

Simplified Limitation Election

amounts. Next, complete lines 19, 22

min.; Copying, assembling, and

You may elect to use a simplified

through 26, and 31 of the AMT

sending the form to the IRS, 34 min.

section 904 limitation to figure your

Schedule D (or lines 2 through 13, plus

If you have comments concerning

AMTFTC. If you do, use your regular

line 20, of an AMT Schedule D Tax

the accuracy of these time estimates or

tax income for Form 1116, Part I,

Worksheet, if applicable). Use amounts

suggestions for making this form

instead of refiguring your foreign source

from the AMT Schedule D or AMT

simpler, we would be happy to hear

income for the AMT, as described

Schedule D Tax Worksheet to complete

from you. See the instructions for the

earlier. You must make the election for

lines 37, 38, 39, and 46 of Form 6251.

tax return with which this form is filed.

the first tax year after 1997 for which

Keep the AMT Schedule D and

you claim an AMTFTC. If you do not

worksheet for your records, but do not

make the election for that year, you

attach the AMT Schedule D to your tax

may not make it for a later year. Once

return.

-8-

Instructions For Form 6251 - Alternative Minimum Tax-Individuals - 2003 Page 8

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