There are various items that are treated differently for AMT tax purposes vs regular tax. You may want to review your prior year's returns to see if any of these differences were reflected on your Form 6251.
Line 2b: Tax Refund: If you have a taxable state tax refund on your regular tax return, you get to remove it from your income for AMT purposes because you do not receive a corresponding deduction for state taxes under the AMT.
Line 2c: Investment interest: The investment interest deduction may be different for AMT purposes because it depends on whether you have taxable private activity bond interest (see line 12). If you do, you may have an additional deduction for investment interest.
Line 2i: Incentive stock options: This line is another common problem for people affected by AMT. If you exercise an Incentive Stock Option (ISO) but do not sell the stock in the year of exercise, the transaction is not taxable that year for regular tax purposes.
However, the difference between the exercise price and the fair market value of the stock on the day of the exercise is an adjustment for AMT purposes and appears on Line 15. For many people, this adjustment can be a very large number. Essentially, you are going to be taxed on a hypothetical profit (what you might have made if you sold the stock on the day you bought it.)
See the attached guidance for more information:
Alternative Minimum Tax
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