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The referenced form in TurboTax is Schedule D, the box titled "2021 Capital Loss Information Smart Worksheet". Line E reads: "Alternative minimum taxable income before exemptions. (2021 Form 6251, line 4 .....[_____]". This field should have carried over from 2021 Form 6251. It is blank, as there is no Form 6251 on my 2021 Return.
To add Form 6251, here are the steps: In TurboTax online, Sign in to your account, select Pick up where you left off. On the left menu, select Federal. From the top, select Other Tax Situations, select Alternative Minimum Tax. Follow prompts to enter info. @ mksjt2007.
Report $0 if the 2021 IRS form 6251 Alternate Minimum Tax - Individuals is blank. @dwenright
IF you have AMT taxes then you will see: (1) 6251 AMT Tax form (2) AMT Form 1116. Now on the AMT Form 1116 one has to calculate AMT FTC Limitation - i.e. the max FTC allowed for the year, rest you will have to carryforward. AMT FTC Limitation = AMT Tax (without any ftc credit) x [Foreign Source AMT Income / Total Worldwide AMT Income]
My form 6251 for AMT is not calculating a number for Line 10. Line 6 says: "Subtract line 5 from line 4. If more than zero , go to line 7. If zero or less, enter -0- here and on lines 7,9, and 11 and go to line 10." My line 6 is zero or less. There is a zero on line 6, 9, and 11, but no zero on line 7? Nothing on Line 7 instructions apply to me.
Received IRS Notice CP11 concerning Form 6251 miscalculation I had the same thing happen to me, although mine is for an even larger sum of money :(. Turbotax and the audit defense have been totally useless thus far, but I already mailed my disagreement letter to the IRS and waiting to hear back.
TurboTax probably did not include IRS Form 6251, Alternative Minimum Tax - Individuals because it determined you were not subject to the AMT. If you are not subject to the AMT but the IRS still wants you to file Form 6251, please review the following instructions:
For example, Form 6251 Alternative Minimum Tax (AMT) is only included if the AMT is greater than your regular tax. The AMT is a separate tax system that uses different deductions and calculations. These days, it is rare to see AMT and Form 6251 included as part of a tax return. @holl73603 [edited 3/15/2021 | 6:59 am PST]
Form 6251 is used by taxpayers to calculate their AMT or to determine if they are subject to it. The IRS imposes the Alternative Minimum Tax (AMT) on certain taxpayers who earn a significant amount of income, but are able to eliminate most, if not all, income from taxation using deductions and credits.
Option 1: Delete Form 6251 by following these steps: From the left menu, select Tax Tools. Tools. Delete a form. Scroll to Form 6251 and confirm you want to delete it. Continue on with your 2019 tax filings. Option 2: Re-do 2019 completely. Option 3: Please post here if the problem persists.