CO online Form Instructions 8801 2024

CO online Form Instructions 8801: What You Should Know

A credit against payment of the amount of federal income tax due from the taxpayer or the person with whom the taxpayer is associated for the taxable year on the first 10,000 of income in excess of 100,000 (10,000.00 for married individuals), but not to exceed 30,000. If the taxpayer has no tax liability or a tax liability reduced because of a credit against payment of the amount of federal income tax due, and the reduction is not subject to income tax withholding (but see “Limitation Period” below), no additional federal income tax liability is allowed unless the combined federal tax liability imposed on the taxpayer and the person with whom the taxpayer is associated exceeds 30,000 for the taxable year. If the taxpayer and the person with whom the taxpayer is associated had a tax liability of 30,000 or more for the taxable year and the credit imposed on the taxpayer does not exceed 10,000, no additional federal income tax liability is allowed on the taxpayer's return for the taxable year if the amount of the credit does not exceed 10,000 for the taxation year (and the combined federal tax liability to whom the credit is applied was less than 30,000 for the taxation year). (3) If all income in excess of 100,000 in the taxable year, (or 30,000 in any calendar year, as may be determined by the taxpayer), has been reported and reported with a zero offset of amounts not reported on Form 1099-MISC, Schedule D, or Schedule E, or the taxpayer or the person with whom the taxpayer is associated did not have a tax liability or tax liability reduced because of a credit against payment of the amount of federal income tax due for any portion of the taxable year, and the credit was not subject to withholding tax (but see “Limitation Period” below), no additional federal income tax liability on either taxpayer's return is allowed if the amount of the new credit exceeds the combined federal tax liability imposed on either taxpayer if the year is in the year in which the tax credit is granted (and the combined federal tax liability of either of the persons with whom the taxpayer is associated is less than 30,000 for the taxation year).

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