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S 8801 Form: What You Should Know
A taxpayer (individual, estate/Trust, or joint/cohabitation) that has an income tax liability may be subject to an AMT and a minimum tax liability under the AMT. The penalty on failure to provide a credit is double, if no information on income tax has been reported for any year for which a credit has been claimed. The maximum amount of a credit in a year is an amount equal to the income tax liability in a year minus the amount that the taxpayer claims may be taken credit for the AMT, up to a maximum of 50% of income tax liability in the previous year. The credit may reduce the tax liability for a year but may not increase the tax rate for that year. Form 8801 for Credit for Prior Year Minimum Tax — Individuals, Estates, and Trusts. These forms include instructions for use and for obtaining the form. They are not designed for use by attorneys. Form 8801 for Credit for Prior Year Minimum Tax. This form can only be used if you, a person or estate who is the subject of a claim under Internal Revenue Code section 6621 to claim a credit for the alternative minimum tax (AMT), has an AMT liability for more than one exclusionary item (such as a deferral item) for that year. For a detailed explanation of the form, see Online: Form 8801 for Credit for Prior Year Minimum Tax For details see: Form 8801 instructions : If line 21 (more than zero) is not zero, a claim for a credit under Line 21 of a form filed on or before November 24, 2018, is due by filing the late-filed form on or before November 24, 2018.
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