Am I exempt from Alternative Minimum Tax?
September 26, 2011
Date: Mon, 22 Mar 2010
I exercised and held ISOs last year and the tax preference for the excess of the fair market value of the stock over the option price was about $30,0000. From what I understand, since the preference is under the AMT exemption of $45,000 for a single tax filer, then I won’t have an AMT. Is that right?
Also, I thought some of the information for the exercise should be reported on my W-2. Is that right?
Thank you for your time.
Date: 7 Apr 2010
No, I’m afraid you are mistaken on both counts.
Your additional AMT income is added to your regular income on Form 6251. I suggest that you get a copy of the form and instructions at www.irs.gov.
The information isn’t reported on Form W-2, but your employer is supposed to provide you with a statement of information for you to report on your income tax return.