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In order to claim your AMT credit, you will need to file IRS form 8801. You typically will not be able to claim 100% of your AMT credit right away due to limitations. Recall that when calculating AMT you calculate your tax in two ways.
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.
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.
Under the tax law, certain tax benefits can docHubly reduce a taxpayers regular tax amount. The alternative minimum tax (AMT) applies to taxpayers with high economic income by setting a limit on those benefits. It helps to ensure that those taxpayers pay at least a minimum amount of tax.
Exclusion items: Exclusion items are adjustment or preference items that affect only one tax year and cause a permanent difference between regular taxable income and AMTI. For individuals, an example is state and local income taxes.
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You can offset any AMT liability by nonrefundable personal tax credits, such as the dependent care credit, and the foreign tax credit. You may also qualify for a minimum tax credit if you paid AMT in prior years.
Under the tax law, certain tax benefits can docHubly reduce a taxpayers regular tax amount. The alternative minimum tax (AMT) applies to taxpayers with high economic income by setting a limit on those benefits. It helps to ensure that those taxpayers pay at least a minimum amount of tax.
Exclusion items are only the following AMT adjustments and preferences: certain itemized deductions (including any investment interest expense reported on Schedule E), certain tax-exempt interest, depletion, the section 1202 exclusion, the standard deduction, and any other adjustments related to exclusion items.
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.
You might be subject to AMT if you earn income above a certain level and/or from certain sources (i.e., tax preference items and/or adjustment items), including: Incentive stock options. Intangible drilling costs. Tax-exempt interest from certain private activity bonds (PAB)

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