Schedule O Individual - Alternate Basic Tax - 2008
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1Schedule O Individual
Rev. 12.08
ALTERNATE BASIC TAX
2008
Taxable year beginning on _________________, _____ and ending on ________________, _____
Social Security Number
Taxpayer's name
Fill in one:
(01)
1 Taxpayer
2 Spouse
1.
91
Adjusted Gross Income (Enter the amount from Part 2, line 5 of the return
or line 6, Column B or C of Schedule CO Individual, as applicable) .........................................................................
(02)
00
2.
Less:
(a)
Ordinary and necessary expenses .....................................
00
(03)
(b)
Long-term capital gain .........................................................
(04)
00
(c)
Solar equipment expense ....................................................
00
(05)
00
(d)
Total .............................................................................................................................................
(06)
3.
Adjusted Gross Income for purposes of the Alternate Basic Tax
00
(Subtract line 2(d) from line 1) ..................................................................................................................................
(07)
4.
Regular Tax (The sum of lines 15 and 16 from Part 4 of the return, or the sum of the tax determined on line 6 of Schedule
D2 Individual, if applicable, and line 16 from Part 4 of the return. If you choose the optional computation of tax for married
individuals living together, filing a joint return and both working (optional computation), refer to the sum of lines 16 and
17 of Schedule CO Individual, or to the sum of the tax determined on line 6 of Schedule D2 Individual, if applicable, and
00
line 17 of Schedule CO Individual) ...........................................................................................................................
(08)
5.
Determine the Alternate Basic Tax as follows:
If the Adjusted Gross Income (line 3) is:
(a)
$75,000 but not over $125,000 ($37,500 but not over $62,500, if married filing a
separate return or chooses the optional computation), multiply line 3 by 10%.
(b)
Over $125,000 but not over $175,000 (over $62,500 but not over
$87,500, if married filing a separate return or chooses the optional computation),
multiply line 3 by 15%.
(c)
Over $175,000 (over $87,500, if married filing a separate return or chooses the
optional computation), multiply line 3 by 20%.
00
This is your Alternate Basic Tax (Enter the corresponding amount on this line) .......................................................
(09)
6.
Excess of Alternate Basic Tax over Regular Tax (Subtract line 4 from line 5.
If line 4 is larger than line 5, enter zero. If line 5 is larger than line 4,
enter the difference here and transfer to Part 4, line 17 of the return or line 18, Column B or C of Schedule CO
Individual, as applicable) ........................................................................................................................................
(10)
00
Retention Period: Ten (10) years
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