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The alternative minimum tax (AMT) credit is a dollar-for-dollar reduction for any additional taxes you have paid in previous years due to the alternative minimum tax. If you exercised incentive stock options (ISOs) and paid AMT in prior years, you may be able to reduce your tax bill this year due to the credit.
Individuals, estates, and trusts use this form to figure: The minimum tax credit, if any, for alternative minimum tax (AMT) they incurred in prior tax years. Any credit carryforward to next year.
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 do deductions work? Claim the standard deduction. Itemize your deductions. Certain retirement contributions. Medical expenses that exceed 10 percent of your income. Interest paid on a portion of your mortgage loans. Up to $2,500 of student loan interest. Donations to charity. A portion of state, local and property taxes.
The AMT exemption amount for 2019 is $71,700 for singles and $111,700 for married couples filing jointly (Table 3).
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The gross sale proceeds of $500,000 minus the AMT tax cost basis of $500,000 then times the AMT long-term capital gains of 23.8% equals $0. There is a $0 AMT tax at sale. The regular tax at sale of $95,200 minus the AMT tax at sale of $0 equals $95,200. $95,200 is the most AMT credit we can use for the taxable year.
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.
Alternative Minimum Tax (AMT) Updated for 2022 The Alternative Minimum Tax exemption amount for tax year 2022 is $75,900 and begins to phase out at $539,900 ($118,100 for married couples filing jointly for whom the exemption begins to phase out at $1,079,800).
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.
If your 2021 Standard tax exceeds your 2021 AMT by $30,000 you will be able to claim $30,000 in AMT Credit for 2021, leaving the remainder for 2022 and on.

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