8801 Form 2022-2024

8801 Form: What You Should Know

Qualified Individual or Corporation is subject to both the AMT and the minimum tax. Credit is based on tax paid in the year in which the excess of the annual minimum tax over the AMT amount is paid. For purposes of computing the credit, all qualifying dependents of the individual or corporation who were  Not subject to the AMT and who were taxable for the amount in excess of the AMT are considered to be entitled to the credit; however, they may be  not eligible for the credit. For example, where an individual or corporation did not qualify for the AMT, the individual or corporation may be eligible for the credit. Form 8801 — Entering Credit for Prior-Year Minimum Tax — Individuals, Estates, and Trusts Effective Date: 10/31/2020 Credit for Prior-Year Minimum Tax — Form 8801 — Individual Enter as much information on line 21 of your Form 8801 as required to determine the credit, if any for AMT.  For example, the IRS will withhold 10% of your AMT amount, unless you elect a specific method to determine your credit. You may also elect a specific method using the “Other Methods” section of Part IV of your 1040EZ. For information about the specific section of Form 8801, see Form 8801.pdf. Form 8801 — Entering Credit for Prior-Year Minimum Tax — Estates and Trusts Effective Date: 10/31/2020 Credit for Prior-Year Minimum Tax — Form 8801 — Corporation Enter as much information on line 21 of your Form 8801 as required to determine the credit, if any for AMT.  To make sure your election is correct, we recommend filing Form 8801 with the appropriate form or schedules.  The Form 8801 should be filed on paper and attached to or incorporated in Schedule K-1 for your corporation. Please ensure that it is filed properly. For Form 8801, you may also take advantage of a special taxpayer reporting deadline to file in connection with this tax-payment deadline. The “Corporation” deadline is a taxpayer filing deadline for corporate tax returns of the corporation and its qualified subsidiaries. The “Individual” deadline is a taxpayer filing deadline for individual income tax returns. See IRS Publication 3457, Corporations; Pub. 3 (Form 1040) for details. There are special filing forms and instructions for each entity.

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