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4626 tax re Form: What You Should Know

For a corporation with an operating income, the threshold amount and the exemption amount are set at 10,000 and 20,000, respectively. The exemption amount includes any corporation's excess net operating loss carry back amount. If a corporation meets the definition of taxable entity and its operating income is more than 10,000, the threshold amount for such an income is 40,000. That amount would be exempt from the alternative minimum tax. See Form 4626 and IA 4475, Alternative Minimum Tax Exemptions, for more information on exempt tax categories under the Alternative Minimum Tax (AMT), under IRC section 6521, and the tax consequences of the AMT. This form must be signed by the taxpayer unless the taxpayer provides us with documentation to the contrary. The Form 4626 will be used to figure the Alternative Minimum Tax (AMT) due on amounts reported on line 14 of Form 1040 or Form 1040NR (Schedule A) that would be taxable under the Alternative Minimum Tax under IRC section 6521: For non-exempt taxpayers, the AMT will start from the first dollar of income, as stated on Line 23. The AMT will continue until total taxable income (adjusted gross income) plus state and local business tax is at least 40,000. The AMT is charged against the tax for the taxpayer. For exempt taxpayers, the AMT is charged against only the first 20,000 of income. The AMT will not exceed the threshold amount of 40,000 even if total taxable income exceeds 40,000. To meet the AMT for a corporation, the corporation must pay the required amount of taxes in its year of filing. The amount of tax paid may be reduced by the corporation's Net Operating Loss Carry backs. See Exemption from Alternative Minimum Tax for Business Property and Non-Business Property, for more information. The Form 4626 will be used to figure the AMT for a corporation if: the Form 1040 or Form 1040NR (Schedule A) for the corporation is filed for the taxable year; the corporation's tax for the taxable year is 40,000 or less; the corporation files Form 4555 (Report of U.S. Payroll Taxes for Corporation) or Form 4564 (Report of U.S.

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