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Screen AMT - Alternative Minimum Tax (1040)
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Overview
To force Form 6251 to print if it has data and whether or not it is required, choose Setup > 1040 Individual. Click the Federal tab. Click the Tax Return button in the Collation group box. Click the
Pages that can be forced to print
option in the Focus group box at the top of this dialog. Choose the collation (Government, Client, or Preparer) that you want to modify. Choose Form 6251, then mark the Always if data
option. Click OK when done.Form 6251 - Alternative Minimum Taxable Income
Use this section to enter other adjustments and preferences for the alternative minimum tax. These amounts transfer to Form 6251, Part I.
Refund of taxes
Enter refunds attributable to state or local personal property taxes, general sales taxes, foreign income taxes, or state, local, or foreign real property taxes reported on Schedule 1 (Form 1040), line 21. The description and amount report on Form 6251, next to line 2b.
note
- Do not include refunds reported on line 10 of Schedule 1 (Form 1040). Those refunds report automatically on Form 6251.
- Amounts entered directly in the input screen field rather than in the statement report as "Sch 1 (1040) line 21." It is highly recommended that data in the statement meet the reporting requirements detailed in the Form 6251 instructions.
AMT NOL deduction (Force)
Use this field to override (force) the calculated amount. You can enter
0
(zero) in this field, if applicable.note
The not required statement shows the AMT NOL deduction calculation, including zero.
Private activity bonds (Force)
Private activity bonds calculate from the AMT interest income column of the Schedule B - Interest and Dividend Income section of the B&D screen and the Broker screen, the interest and dividends statement in the K1, K1T, and 8814 screens, and the
Investment exp
field in the A screen. Enter 0
(zero) in this field, if applicable.Section 1202 stock (Force)
Use this field to override (force) the calculated AMT preference for the portion of gain on sale of qualified small business stock. UltraTax CS calculates seven percent of the Code Sec. 1202 gain excluded from gross income and reports the preference amount on Form 6251.
Disposition of property (Force)
Enter
0
(zero) in this field, if applicable. A Form 6251, line 2n worksheet prints and shows how the adjusted gain or loss amount calculates. Amounts in this field report on Form 6251 but are not included in the calculated worksheet.Depreciation adjustment (post '86)
The asset module uses this field to report the calculated post-1986 depreciation adjustment. The post-1986 depreciation adjustment amount calculates automatically from information enter in the asset module; the preference items statement attached to the 4835-2, C-3, F-3, and Rent-2 screens; and the applicable fields in the K1-5 and K1T-2 screens. Post-1986 depreciation adjustments from passive activities are reported on the Passive activities line of the Form 6251. A statement prints with Form 6251 showing how the post-1986 depreciation adjustment amount is calculated. To adjust the calculated amount, enter an amount in this field. This amount will increase/decrease the calculated number.
Passive activities (Force)
Enter
0
(zero) in this field, if applicable. A 6251 AMT Passive Activity and Loss Limit Adjustment Worksheet prints with Form 6251 showing how the passive activities amount calculates. Amounts in this field report on Form 6251, line 2m, but are not included on the calculated worksheet.The 6251 AMT Passive Activity and Loss Limit Adjustment Worksheet list activities subject to passive activity loss limitations, activities that are not at-risk, and partnership and S Corporations subject to basis limitations. For each activity, the current income and deduction amounts are shown and the AMT adjustments and preference items are listed. The Alternative Minimum Tax Income of the activity is derived by applying any adjustments made by the AMT Partner's Basis Worksheet, AMT Shareholder's Basis Worksheet, the AMT Form 6198, At-Risk Allocation Worksheet, and/or Form 8582, Passive Activity Deduction Worksheet to the current year income plus AMT Adjustments and Preference Items. The Regular tax income of the activity is derived by applying any adjustments made by the Partner's Basis Worksheet, Shareholder's Basis Worksheet, Form 6198, At-Risk Allocation Worksheet, and/or Form 8582, Passive Activity Deduction Worksheet. The Adjustment worksheet summarizes the total adjustments made by these limitation worksheets. The limitation worksheets and the K1 Reconciliation Worksheets provide more detail on how the limitations were made to each individual activity listed. The passive activity adjustment is the difference between AMT and Regular tax income for activities that are passive.
note
Adjustments related to the disposition of property are reported on Form 6251, Line 2k. The Adjustment worksheet does not contain information related to dispositions of property. Information on dispositions of property adjustments is summarized on the Form 6251, Line 2n Worksheet.
Loss limits (Force)
Enter zero (0) in this field, if applicable. A 6251 AMT Passive Activity and Loss Limit Adjustment Worksheet prints with Form 6251 showing how the loss limit activities amount calculates. Amounts in this field report on Form 6251, line 2n, but are not included on the calculated worksheet.
The 6251 AMT Passive Activity and Loss Limit Adjustment Worksheet list activities subject to passive activity loss limitations, activities that are not at-risk, and partnership and S Corporations subject to basis limitations. For each activity, the current income and deduction amounts are shown and the AMT adjustments and preference items are listed. The Alternative Minimum Tax Income of the activity is derived by applying any adjustments made by the AMT Partner's Basis Worksheet, AMT Shareholder's Basis Worksheet, the AMT Form 6198, At-Risk Allocation Worksheet, and/or Form 8252, Passive Activity Deduction Worksheet to the current year income plus AMT Adjustments and Preference Items. The Regular tax income of the activity is derived by applying any adjustments made by the Partner's Basis Worksheet, Shareholder's Basis Worksheet, Form 6198, At-Risk Allocation Worksheet, and/or Form 8252, Passive Activity Deduction Worksheet. The Adjustment Worksheet summarizes the total adjustments made by these limitation worksheets. The limitation worksheets and the K1 Reconciliation Worksheets provide more detail on how the limitations were made to each individual activity listed. The loss limitation adjustment is the difference between AMT and Regular tax income for activities that are not passive.
note
Adjustments related to the disposition of property are reported on Form 6251, Line 2n. The Adjustment worksheet does not contain information related to dispositions of property. Information on dispositions of property adjustments is summarized on Form 6251, Line 2n Worksheet.
Intangible drilling costs (Force)
Enter
0
(zero) in this field, if applicable.Tax shelter farm activities
Enter the adjustment from tax shelter farm adjustments. This amount combines with information entered elsewhere on the return and transfers to Form 6251. This amount combines with other fields and reports on the Other adjustments line of Form 6251.
Patron's adjustment
If the distributions received from a cooperative are included in income, enter the total AMT patronage dividend and per-unit retain allocation adjustment in this field. This amount will be combined with other fields and reported on the Other adjustments line of Form 6251. Also, data entry for Patron's adjustment can be entered on the 1099P screen in the Business, Farm, and Farm Rental folders and on the C-3, F-3, and 4835-2 screen field preference items coded as PATR. If the associated activity is at-risk or passive, the adjustment will show on Form 6251, line 2m or 2n instead of the Other adjustments line.
Elect simplified foreign tax credit limitation
If the election is made, UltraTax CS uses foreign source regular taxable income to calculate the AMT foreign tax credit limitation. Therefore, Part I on the AMT Form 1116 will be blank.
AMT foreign tax credit (Force)
Enter an override (force) to the calculated amount here, if necessary. You can enter
0
(zero), if applicable. The AMT foreign tax credit calculates from amounts in the regular or the AMT, if different fields on the 1116 and 1116CO screens, based on Form 6251 instructions.Form 6251 - Tax Computation Using Maximum Capital Gains Rate
Use this section to complete Form 6251, Page 2 for calculating the alternative minimum tax before the foreign tax credit using maximum capital gains rates.
Form 6251...
Enter
0
(zero), if applicable. Amounts entered in these fields report on Form 6251, Page 2. The Schedule D lines refigured for AMT calculate on the following worksheets.- Line 13 and 15 - AMT Schedule D Tax Worksheet located on the Capital Gain Wrk, AMT tab of the DTaxWrk Folder
- Line 14 - Schedule D Line 19 Refigured for AMT Worksheet - Form 6251, Line 14 located on the 28% Rate Gain & Sec 1250 Wrk, AMT tab of the DWrk Folder
AMT capital gain or loss adjustment
Use these fields to adjust any of the calculated AMT capital gain or loss amounts. Amounts entered here are reported on the applicable line of the AMT Schedule D as an adjustment. AMT Schedule D is located in the 6251Wrk Form folder.
note
To adjust the capital gains or losses from Schedule K-1 activities, use the fields in the Alternative Minimum Tax (AMT) Items section of the K1-5 screen instead of this field.
AMT unrecaptured section 1250 gain adjustment
Enter the AMT adjustment for unrecaptured section 1250 gains in the fields provided. Amounts entered here are reported on the 28% Rate Gain & Sec 1250 Wrk, AMT in the DWrk Worksheet.