Form 4626 PDF Details

A Form 4626 is an information return used by the IRS to track certain types of tax-exempt organizations. This form is used to report the gross receipts and assets of tax-exempt organizations, as well as any unrelated business taxable income they may have generated. If you're the treasurer or another officer of a tax-exempt organization, it's important to understand how this form works and how to complete it accurately. Here we'll take a look at what goes into a Form 4626 and some tips for completing it correctly.

QuestionAnswer
Form NameForm 4626
Form Length1 pages
Fillable?No
Fillable fields0
Avg. time to fill out15 sec
Other namesirs form alternative minimum, amt depreciation adjustment, form 4626, irs 4626

Form Preview Example

Form 4626

 

Alternative Minimum Tax—Corporations

 

 

OMB No. 1545-0123

 

 

 

 

 

 

 

2017

Department of the Treasury

 

▶ Attach to the corporation’s tax return.

 

 

 

 

Internal Revenue Service

 

▶ Go to www.irs.gov/Form4626 for instructions and the latest information.

 

 

 

 

Name

 

 

 

 

 

 

 

Employer identification number

 

 

 

 

 

 

 

 

 

Note: See the instructions to find out if the corporation is a small corporation exempt from the

 

 

 

 

alternative minimum tax (AMT) under section 55(e).

 

 

 

 

 

 

 

1

Taxable income or (loss) before net operating loss deduction

. . . . . .

1

 

2

Adjustments and preferences:

 

 

 

 

 

 

 

a

Depreciation of post-1986 property

. . . . . .

 

2a

b

Amortization of certified pollution control facilities

. . . . . .

 

2b

c

Amortization of mining exploration and development costs

. . . . . .

 

2c

d

Amortization of circulation expenditures (personal holding companies only) . . .

. . . . . .

 

2d

e

Adjusted gain or loss

. . . . . .

 

2e

f

Long-term contracts

. . . . . .

 

2f

g

Merchant marine capital construction funds

. . . . . .

 

2g

h

Section 833(b) deduction (Blue Cross, Blue Shield, and similar type organizations only)

 

2h

i

Tax shelter farm activities (personal service corporations only)

. . . . . .

 

2i

j

Passive activities (closely held corporations and personal service corporations only)

. . . . . .

 

2j

k

Loss limitations

. . . . . .

 

2k

l

Depletion

. . . . . .

 

2l

m

Tax-exempt interest income from specified private activity bonds

. . . . . .

 

2m

n

Intangible drilling costs

. . . . . .

 

2n

o

Other adjustments and preferences

. . . . . .

 

2o

3

Pre-adjustment alternative minimum taxable income (AMTI). Combine lines 1 through 2o

3

 

4

Adjusted current earnings (ACE) adjustment:

 

 

 

 

 

 

 

a

ACE from line 10 of the ACE worksheet in the instructions

 

4a

 

 

 

 

 

b

Subtract line 3 from line 4a. If line 3 exceeds line 4a, enter the difference as a

 

 

 

 

 

 

 

 

 

negative amount. See instructions

 

4b

 

 

 

 

 

c

Multiply line 4b by 75% (0.75). Enter the result as a positive amount . . . .

 

4c

 

 

 

 

 

d

Enter the excess, if any, of the corporation’s total increases in AMTI from prior

 

 

 

 

 

 

 

 

 

year ACE adjustments over its total reductions in AMTI from prior year ACE

 

 

 

 

 

 

 

 

 

adjustments. See instructions. Note: You must enter an amount on line 4d

 

 

 

 

 

 

 

 

 

(even if line 4b is positive)

 

4d

 

 

 

 

 

e

ACE adjustment.

 

 

 

 

 

 

 

 

 

 

• If line 4b is zero or more, enter the amount from line 4c

 

 

 

. . .

 

4e

 

• If line 4b is less than zero, enter the smaller of line 4c or line 4d as a negative amount }

 

 

 

 

 

 

 

 

 

5

Combine lines 3 and 4e. If zero or less, stop here; the corporation does not owe any AMT . . . .

 

5

 

6

Alternative tax net operating loss deduction. See instructions

. . . . . .

6

 

7

Alternative minimum taxable income. Subtract line 6 from line 5. If the corporation held a residual

 

 

 

 

interest in a REMIC, see instructions

. . . . . .

7

 

8

Exemption phase-out (if line 7 is $310,000 or more, skip lines 8a and 8b and enter -0- on line 8c):

 

 

 

a

Subtract $150,000 from line 7. If completing this line for a member of a

 

 

 

 

 

 

 

 

 

controlled group, see instructions. If zero or less, enter -0-

 

8a

 

 

 

 

 

b

Multiply line 8a by 25% (0.25)

 

8b

 

 

 

 

 

c

Exemption. Subtract line 8b from $40,000. If completing this line for a member of a controlled group,

 

 

 

 

see instructions. If zero or less, enter -0-

. . . . . .

 

8c

9

Subtract line 8c from line 7. If zero or less, enter -0-

. . . . . .

 

9

 

10

Multiply line 9 by 20% (0.20)

. . . . . .

 

10

 

11

Alternative minimum tax foreign tax credit (AMTFTC). See instructions

. . . . . .

 

11

 

12

Tentative minimum tax. Subtract line 11 from line 10

. . . . . .

 

12

 

13

Regular tax liability before applying all credits except the foreign tax credit . . .

. . . . . .

13

 

14Alternative minimum tax. Subtract line 13 from line 12. If zero or less, enter -0-. Enter here and on

Form 1120, Schedule J, line 3, or the appropriate line of the corporation’s income tax return . . .

14

For Paperwork Reduction Act Notice, see separate instructions.

Cat. No. 12955I

Form 4626 (2017)

How to Edit Form 4626 Online for Free

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So as to finalize this document, make sure that you type in the right information in each blank field:

1. You need to fill out the 2017 form 4626 correctly, therefore be attentive when filling in the segments comprising these blanks:

The right way to fill out 4626 part 1

2. Soon after this selection of blanks is completed, go to type in the applicable information in these - a Depreciation of post property, Preadjustment, Adjusted current earnings ACE, a ACE from line of the ACE, Subtract line from line a If line, b c Multiply line b by Enter, Enter the excess if any of the, d e ACE adjustment, b c, a b c d e f g h i j k l m n o, If line b is zero or more enter, Combine lines and e If zero or, Alternative tax net operating loss, a b Multiply line a by, and a b.

Step number 2 in completing 4626

3. This next step should be fairly uncomplicated, Exemption Subtract line b from If, Alternative minimum tax foreign, Multiply line by, Alternative minimum tax Subtract, For Paperwork Reduction Act Notice, Cat No I, and Form - all of these fields will have to be filled out here.

The right way to fill in 4626 step 3

People generally make mistakes when completing For Paperwork Reduction Act Notice in this part. You need to go over what you enter right here.

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