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Form Instructions 8801 online South Fulton Georgia: What You Should Know
Dec 16, 2023 — To figure the credit for prior year minimum tax, you must enter into Part I of Form 8801 the following information for your particular taxpayer: a. Enter the taxpayer's modified adjusted gross income (MAGI) on line 21. b. Use the AMT-related adjustments for 2023 and prior years under part IV to figure the MAGI for 2023 and prior years. You Must Use Part 3 of Form 8801 for Prior Year Minimum Tax Dec 15, 2023 -- If the taxpayer's 2023 MAGI exceeds the credit allowed for the prior year, the following penalty (not the additional 7-year AMT penalty) will be imposed: If there are multiple 2023 tax returns for the taxpayer, enter separately into Part III of Form 8801: 1. Enter on line 7 total of the modified adjusted gross income (MAGI) of the taxpayer's 2023 tax return. 2. Enter 0.00 in the box to the left of line 13. The maximum credit is 300 for taxpayers with total MAGI over 200,000 (250,000 for individuals) Dec 15, 2023 — Enter the taxpayer's modified adjusted gross income on line 21: (Enter MAGI on line 10 of Form 1040, line 21 of Form 1040A, or line 24 of Form 1040EZ, or Line 12 of form 1040A). You must use part 3 of Form 8801 for prior year minimum tax. Dec 16, 2023 — To figure the modified adjusted gross income to use for determining the credit for Prior Year Minimum Tax: The maximum credit is 30 percent of the excess of the 2023 taxable income over the minimum tax. The credit is computed in the following manner: a. The taxpayer's MAGI for the prior year is equal to 200,000 times 0.30 (300 in each instance); b. The minimum tax is 15 percent of the 2023 value. The credit is divided by the number of tax returns that had tax liability for the prior year. 3. The minimum tax is then divided by the number of return(s)(1) from which tax liability is computed. 4. The amount of the credit for the prior year is the product of: a. The taxpayer's MAGI for the prior year (200,000 times 0.07) in order to get the portion of the minimum tax that exceeds the 7-year AMT tax. b.
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