Form Ia 6251 - Iowa Minimum Tax Computation - 2012
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Iowa Department of Revenue
2012 IA 6251
Iowa Minimum Tax Computation
Name(s) as shown on IA 1040 or IA 1041
SSN or FEIN
PART 1: Adjustments and Preferences. See instructions.
If you itemized deductions on Schedule A, start on line 1. If you did not itemize on your IA 1040, start on line 7.
1. Medical and dental from line 2, federal form 6251 ........................................................................................ 1 . __________________
2. Taxes from line 3, federal form 6251, less any Iowa income tax included on that line .......................... 2 . __________________
3. Certain interest on a home mortgage not used to build, buy, or improve your home, from line 4, federal form 6251 . 3. __________________
4. Miscellaneous itemized deductions from line 5, federal form 6251 ........................................................... 4 . __________________
5. Refund of taxes from line 7, federal form 6251, less any Iowa income tax included on that line ........ 5 . __________________
6. Investment interest from line 8, federal form 6251, less interest and expense related to private
activity bonds issued after 08/07/86 ............................................................................................................... 6 . __________________
7. Post - 1986 depreciation from line 18, federal form 6251 ........................................................................... 7 . __________________
8. Adjusted gain or loss from line 17, federal form 6251 .................................................................................. 8 . __________________
9. Incentive stock options from line 14, federal form 6251 .............................................................................. 9 . __________________
10. Passive activities from line 19, federal form 6251 ........................................................................................ 10. __________________
11. Beneficiaries of estates and trusts from line 15, federal form 6251 .......................................................... 11. __________________
12. Enter the amount for each corresponding item from federal form 6251. Enter total on line 12.
a.
a. ___________
h.
h. __________
Circulation expenditures (line 21) .
Patron’s adjustment ................................
b.
b. ___________
i.
i. __________
Depreciation (pre-1987) .............
Pollution control facilities .......................
c.
c. ___________
j.
j. __________
Installment sales (line 25) .........
Research and experimental (line 24) ...
d.
d. ___________
k.
k. __________
Large partnerships (line 16) ......
Section 1202 exclusion (line 13) ..........
e.
e. ___________
l.
l. __________
Long-term contracts (line 22) ....
Tax shelter farm activities ......................
f.
f. ___________
m.
Loss limitations (line 20) .............
Related adjustments (see inst.) (line 27) . m. ___________
g.
g. ___________
12. __________________
Mining costs (line 23) .................
13. Total Adjustments and Preferences. Combine lines 1 through 12. ........................................................ 13. __________________
PART II: Alternative Minimum Taxable Income
14. Taxable income from IA 1040, line 42; or IA 1041, line 22 ......................................................................... 14. __________________
15. Net operating loss deduction. Do not enter as a negative amount. ........................................................... 15. __________________
16. Combine lines 14 and 15. .................................................................................................................................. 16. __________________
17. Add lines 13 and 16. ........................................................................................................................................... 17. __________________
18. Alternative tax net operating loss deduction. See instructions. ................................................................. 18. __________________
19. Alternative Minimum Taxable Income. Subtract line 18 from line 17. ....................................................... 19. __________________
PART III: Exemption Amount and Alternative Minimum Tax
20. Enter $35,000 (*$17,500 if filing status 3 or 4; $26,000 if single, head of household or qualifying widow(er) ... 20. __________________
21. Enter $150,000 (*$75,000 if filing status 3 or 4; $112,500 if single, head of household or qualifying widow(er) ....... 21. __________________
22. Subtract line 21 from line 19. If the result is zero or less, enter zero. ...................................................... 22. __________________
23. Multiply line 22 by 25% (0.25). ......................................................................................................................... 23. __________________
24. Subtract line 23 from line 20. If the result is zero or less, enter zero. ...................................................... 24. __________________
25. Subtract line 24 from line 19.If the result is zero or less, enter zero. .............................................................. 25. __________________
26. Multiply line 25 by 6.7% (0.067). ...................................................................................................................... 26. __________________
27. Regular tax after credits. See instructions. .................................................................................................... 27. __________________
28. Iowa Minimum Tax. Subtract line 27 from line 26, enter here and on IA 1040, line 45, or IA 1041,
line 25. See instructions for Minimum Tax Limited to Net Worth. If less than zero, enter zero. ......... 28. __________________
PART IV: NONRESIDENTS AND PART-YEAR RESIDENTS ONLY - Complete lines 29 - 32.
29. Enter Iowa net income plus Iowa adjustments and preferences. See instructions. If less than zero, enter zero. ...... 29. __________________
30. Total net income plus total adjustments and preferences. See instructions. .......................................... 30. __________________
31. Divide line 29 by line 30 and enter the result to three (3) decimal places. .............................................. 31. __________________
32. Iowa Minimum Tax. Multiply line 28 by line 31. Enter here and on IA 1040, line 45, or IA 1041,
line 25. See instructions for Minimum Tax Limited to Net Worth. If less than zero, enter zero. ......... 32. __________________
*Exemption levels of $17,500 and $75,000 on lines 20 and 21,
respectively, also apply to an estate or trust.
*1241131019999*
41-131a (08/08/12)
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