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4626 Instructions 2023-2024 Form: What You Should Know

Form 4626, Alternative Minimum Tax, Nov 10, 2018—Form 4626, Alternative Minimum Tax (AMT) — Tax Types. This tax type is a tax on corporate income of a corporation or a business, in which a person is or is treated as an employee.  Tax paid on the gross income of a corporation or its business may be subject to income tax at multiple rates, depending upon the type of income. . . .  As part of an annual statement that shows the person's total income, a corporation will report wages, bonus, tips, and other types of compensation it pays to its owners (officers, directors, shareholders), partners, and partners' dependents (spouses, domestic partners, and each of their dependent children under age 19, including those who are nonresident aliens). Income of owner-employees is reported on a Form W-2, Wage and Tax Statement. Any compensation paid as part of a severance payment is reported on Form W-2C, Forfeiture and Release Agreement. The reporting and payment of tax is an important part of the corporate's tax reporting process. Form 4638 — Alternative Minimum Tax Oct 23, 2024 — Form 4638, Alternative Minimum Tax — Payment Methods — Enter as many of the types of alternative minimum tax (AMT) as appropriate. Payment Methods: • Payroll deduction (includes Social Security) • Refundable Credit • Student Opportunity Loan Interest Accrual (including student loan interest accrued from before 1/1/2017, and interest accrued on or after 1/1/2017 on a qualified education loan held by a child enrolled in an eligible educational institution) • Unearned Income Tax Credit (see note above under Other Payment Methods) Note: Under this payment method, taxpayers pay the AMT on all amounts of wages, tips, commissions, and other amounts that are not subject to any federal, state, or local tax or withheld therefrom, under certain conditions, that are received or accrued in the taxable year. (This payment method does not apply to the alternative minimum tax, which is imposed on the corporation's taxable income.) To figure, enter either the gross wages reported on Form W-2, “Social Security and Medicare” or the gross compensation reported on Form W-2, “Nonage Earnings,” whichever is less or equal to the amount of payments to the nonresident alien individual.

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