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4626 Instructions 2023-2024 Form: What You Should Know

Form 4626 (2017) provides the IRS with the AMT and other tax liability information for an entity that is either: A qualified electing small business or Unincorporated organization. Form 4626 is designed to report the AMT (alternative minimum tax) for purposes of the Internal Revenue Code. Form 4626 is also called Form 4606. You must file Form 4626 with IRS when you are first organized. The purpose of Form 4626 is to calculate the alternative minimum tax (AMT) for corporations and other tax-exempt entities. How to use Form 4606 For the first month or part of a month, the IRS will use your Form 4606 for the tax year. If you are in the 25%, 28%, 35%, 50%, 75%, 95%, and 100% tax brackets, your first month's financial information must be on Form 4606 and Form 4606-X — Monthly Financial Information as applicable, unless you have filed an amended return. In this case, you must file both Form 4606 and Form 4606-X along with your tax return. If you will be filing Form 4606 only to calculate the AMT, you may claim a refund for the balance due you on your Form 4606 by filing Form 4106. For your first month (or part of a month) in the 2024 tax year, IRS will start with your Form 4606, and take it up to date. As soon as possible after that, it will start with: Form 4606-X to report your first month's financial statement, and Form 4606-X to report the year-end balance. Form 4606 to report the tax, penalties, interest, and tax refund that the entity is getting. When it sees “W” filed on Form 4606, IRS will stop using your Form 4606. You are not allowed to use a Form 4606 and a separate notice from IRS to report the income of your family members. IRS will look at Form 4606 at least two months after it was filed. IRS will compare your Form 4606 to the first month's statements, not only on a calendar year basis. The first tax year you must file Form 4626 is calendar year. If you are filing for 2024 and have Form 4606, IRS will start your Form 4606 at your filing due date for the year.

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