Catherine Posted January 31, 2009 Report Share Posted January 31, 2009 I have a question about Line 27 on Form 6251 -- Other adjustments. Jump with the bunny and it brings you to the worksheet. Line 11 of the worksheet is for adjustments due to self-employed SEP or SIMPLE plans. The form instructions say "Figure the difference between the AMT and regular tax amount for each item." But I can't find any guidance on how to determine the "AMT and regular tax amount" for a SIMPLE contribution. The Tax Book has nothing, either. And I tried for some time to find something pertinent in CFS online research and found tons of stuff that does _not_ apply. So, where can I find out how to determine the oft-mentioned "difference between the AMT and regular tax amount" for a SIMPLE contribution? Is it all of a regular contribution? Regular without catch-up portion? Some other portion determined with worksheets and goat entrails? Other? TIA, Catherine Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted January 31, 2009 Report Share Posted January 31, 2009 I would try the AMT assistant with real numbers: http://www.irs.gov/businesses/small/articl...=150703,00.html After all, as the page says: "this is a simple test ..." Hah! taxbilly Quote Link to comment Share on other sites More sharing options...
Catherine Posted January 31, 2009 Author Report Share Posted January 31, 2009 I would try the AMT assistant with real numbers: http://www.irs.gov/businesses/small/articl...=150703,00.html After all, as the page says: "this is a simple test ..." Hah! taxbilly Well, that says these folks don't need the 6251, so I'll say "phew" for now. But I'd still like to know how to determine the AMT adjustment amount for SEPs and SIMPLEs -- I have several clients who use those. It was a relatively "simple" test -- as long as you have everything but the 6251 filled out and a big enough monitor (or multiple monitors) so that you can bounce between the assistant and the forms. Thanks. Catherine Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted January 31, 2009 Report Share Posted January 31, 2009 Did it give any clues as to what that adjustment would be? taxbilly Quote Link to comment Share on other sites More sharing options...
Catherine Posted January 31, 2009 Author Report Share Posted January 31, 2009 Did it give any clues as to what that adjustment would be? taxbilly Absolutely none whatsoever. :wacko: Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted February 1, 2009 Report Share Posted February 1, 2009 You might want to post the question on this forum. They have a section dedicated to the AMT and there seems to be many knowledgeable people answering questions. http://www.fairmark.com/forum/index.php taxbilly Quote Link to comment Share on other sites More sharing options...
Lion EA Posted February 1, 2009 Report Share Posted February 1, 2009 And, please post when you know more. I have a high-income client who started a Simple and will probably be in during February. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted February 2, 2009 Report Share Posted February 2, 2009 I have a question about Line 27 on Form 6251 -- Other adjustments. Jump with the bunny and it brings you to the worksheet. Line 11 of the worksheet is for adjustments due to self-employed SEP or SIMPLE plans. The form instructions say "Figure the difference between the AMT and regular tax amount for each item." But I can't find any guidance on how to determine the "AMT and regular tax amount" for a SIMPLE contribution. The Tax Book has nothing, either. And I tried for some time to find something pertinent in CFS online research and found tons of stuff that does _not_ apply. So, where can I find out how to determine the oft-mentioned "difference between the AMT and regular tax amount" for a SIMPLE contribution? Is it all of a regular contribution? Regular without catch-up portion? Some other portion determined with worksheets and goat entrails? Other? TIA, Catherine Reread the fist paragraph of the section of the instructions, on page 7, and you will see that the adjustment is just if the Simple deduction would have been different based on AMT AGI. Not a common problem, but to be considered whenever you have AMT and SIMPLE. Quote Link to comment Share on other sites More sharing options...
Catherine Posted February 2, 2009 Author Report Share Posted February 2, 2009 Reread the fist paragraph of the section of the instructions, on page 7, and you will see that the adjustment is just if the Simple deduction would have been different based on AMT AGI. Not a common problem, but to be considered whenever you have AMT and SIMPLE. Thank you, KC! I read the bleeping thing five times and missed that bit. Catherine Quote Link to comment Share on other sites More sharing options...
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