Get the free Form 8801

Form 8801 is used by individuals, estates, and trusts to calculate the minimum tax credit for alternative minimum tax incurred in prior years. It helps determine any carryforward of this tax credit

How to fill out form 8801

How to fill out Form 8801

1. Obtain Form 8801 from the IRS website or through your tax software.
2. Enter your name and Social Security number (SSN) at the top of the form.
3. Fill in your filing status (single, married filing jointly, etc.) in the designated section.
4. Provide the necessary information about your tax return such as the year being reported.
5. Complete Part I, which focuses on the calculation of the credit for prior year minimum tax (PMT).
6. Review Part II to determine the refundable amount and any other necessary details.
7. Ensure to sign and date the form before submitting it to the IRS.
8. Keep a copy of the completed form for your records.

Who needs Form 8801?

1. Taxpayers who paid alternative minimum tax (AMT) in a previous year and are eligible for a credit on their current year's tax return.
2. Individuals who wish to claim a credit for prior year minimum tax paid.

People Also Ask about

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 2025.

How do I claim my AMT credit refund?

Use IRS Form 8801 for these purposes: If you had an AMT liability for something other than an exclusionary item (such as a deferral item) To calculate the minimum tax credit. To calculate the amount you can carry over to future years.

How to claim back AMT?

Essentially, you can carry forward the difference between the AMT and your regular tax liability for seven years, or until you use it up. It counts as a credit, but only against regular tax payable, not against future years' AMT. You can claim this credit using Form T691.

How to get form 8801?

Follow these steps to generate Form 8801 for an individual return: From the left of the screen, select Credits and choose Recovery Rebate, EIC, Residential Energy, Oth Credits. Click the three dots at the top of the screen and select Minimum Tax. Locate the Minimum Tax Credit (8801) section.

How do I get my AMT credit back?

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.

Is the additional tax credit refundable?

The Additional Child Tax Credit (ACTC) is the refundable portion of the Child Tax Credit. The credit is worth up to $1,700 per child in the 2024 and 2025 tax years. Income limitations apply to both tax credits. Qualifying children must be younger than age 16.

How do I claim my input tax credit refund?

The taxpayers can claim the refund of accumulated ITC or input tax credit if certain conditions get satisfied. First, the applicant must file form RFD-01, with the supporting documents, within the time limit given under the Section 54 of the CGST Act read with Rule 89 of the CGST Rules.

What are exclusion items for form 8801?

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.

For pdfFiller’s FAQs

What is Form 8801?

Form 8801 is used to calculate and claim a credit for prior year minimum tax, which allows taxpayers to recover some or all of the minimum tax they may have paid in prior years.

Who is required to file Form 8801?

Taxpayers who have previously paid alternative minimum tax (AMT) in prior years and are eligible to reclaim that amount in the current tax year must file Form 8801.

How to fill out Form 8801?

To fill out Form 8801, you need to gather information on your prior year's minimum tax, calculate the allowable credit for the current year, and report any necessary income adjustments as directed in the form's instructions.

What is the purpose of Form 8801?

The purpose of Form 8801 is to allow taxpayers to calculate and claim a credit for prior year minimum tax, helping them reduce their current year tax liability based on previously paid AMT.

What information must be reported on Form 8801?

Form 8801 requires reporting of prior year minimum tax amounts, adjustments made to taxable income, credits computed, and any carryforward amounts from previous years.