I am filing a return in Iowa. I am filing a combined return. How do I figure the portions of the Iowa minimum tax for each filer?

[MaryK4 · Accepted solution]

Each spouse that had tax preference items and adjustments must complete their own IA 6251.

The Iowa alternative minimum tax is imposed, for the most part, on the same tax preference items and adjustments on which federal alternative minimum tax is imposed. However, you may be subject to Iowa alternative minimum tax even if you have no liability for federal alternative minimum tax. 

For the preference items, you allocate any items that can be directly sourced to either spouse,  For any joint items, you can allocate 50-50.  For example, home mortgage interest would be split 50%.  ISOs from one spouse are portioned to the spouse who had the job.