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Form 8801 is used to calculate the minimum tax credit, if any, for alternative minimum tax (AMT) incurred in prior tax years and to calculate any credit carryforward.
What happens to AMT credit carryforward?
More Info On AMT Credit Carryforward Option. The Prior-Year Minimum Tax Credit lets you get back money you paid as an AMT in a prior year. You can only claim this credit in a year when you dont have to pay AMT. You cant use the credit to reduce your AMT liability in the future.
What is the purpose of IRS Form 8801?
Purpose of Form Use Form 8801 if you are an individual, estate, or trust to figure the minimum tax credit, if any, for alternative minimum tax (AMT) you incurred in prior tax years and to figure any credit carryforward to 2023.
What triggers the alternative minimum tax?
The Alternative Minimum Tax (AMT) is triggered when taxpayers have more income than an exemption amount and they make use of many common itemized deductions. You must calculate your tax twice if your income is greater than the AMT exemption.
How does AMT refund work?
How do I claim the AMT credit? The AMT is similar to a rebate system where you pay upfront and get a portion of that back in the future. Think of the AMT credit as a refund on taxes you paid in prior years. Additional tax due to AMT may be used as future tax credit.
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Claim the AMT credit while filing your current year tax return by filling out Form 8801 and filing it along with your tax return. Carry forward and track the remaining credit you were not allowed to use in the current year.
Where can I get form 8801?
Go to .irs.gov/Form8801 for instructions and the latest information. Attach to Form 1040, 1040-SR, 1040-NR, or 1041. 11 If for 2021 you filed Form 2555, see instructions for the amount to enter.
How does 8801 work?
Form 8801 is used to calculate the minimum tax credit, if any, for alternative minimum tax (AMT) incurred in prior tax years and to calculate any credit carryforward.
How does form 8801 work?
Form 8801 is used to calculate the minimum tax credit, if any, for alternative minimum tax (AMT) incurred in prior tax years and to calculate any credit carryforward.
Do I have to file form 8801?
Use Form 8801 if you are an individual, estate, or trust to figure the minimum tax credit, if any, for alternative minimum tax (AMT) you incurred in prior tax years and to figure any credit carryforward to 2023.
Related links
1041.pdf
2016. U.S. Income Tax Return for Estates and Trusts. Information about Form 1041 and its separate instructions is at Attach Form 8801.
Dec 15, 2016 See Whats New in these instructions. THIS BOOKLET DOES NOT CONTAIN INSTRUCTIONS FOR ANY FORM 1040 SCHEDULES. For the latest information about
2 Nov 2016 Complete lines 2 through 13 of the Schedule D Tax. Worksheet in the 2015 Instructions for Schedule D (Form 1040). -4-. Instructions for Form
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