About Form 8801, Credit for Prior Year Minimum Tax: Fill out & sign online

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What is credit for AMT?

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.

What is credit for AMT paid in prior year?

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 form is used by the corporations to calculate the credit for the prior years minimum tax?

Corporations use Form 8827 to figure the minimum tax credit, if any, for AMT incurred in prior tax years and to figure any minimum tax credit carryforward.

How does credit for prior year minimum tax work?

This IRS form, Credit for Prior Year Minimum Tax is used to compute the amount of any credit available for payment of alternative minimum tax in prior years. The minimum tax credit is allowed for the amount of adjusted net minimum tax for all tax years reduced by the minimum tax credit for all prior tax years.

How long can you carry over AMT credit?

If you could not claim your entire credit in six years, any remaining amounts of AMT that you paid were forfeited. Under current tax law, you can carry forward your AMT credit for up to 20 years. For most taxpayers, that length of time will be sufficient to ensure that they can claim the entire credit due to them.

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