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Printable Form Instructions 8801 Maine: What You Should Know

The form applies if you are an individual. A few tips to consider when filing Form 8801 : If you have qualified or partially qualified FTA/SIMPLE IRA accounts, you may be eligible to take an exclusion of 25% of your modified adjusted gross income, not to exceed the value of your account, if you: file a 2024 Form 1040 or Schedule C (Form 1040NR) for income tax year 2024 or 2024 if you have previously taken a credit for income tax year 2017; OR filed your 2024 Return using a schedule from the instructions and are a married individual filing jointly or a married individual filing separately who files a separate return for each subsequent tax year for income tax year 2024 or 2019; OR if you use the Form 2106-EZ (Single) or Form 2211-EZ (Married Filing Jointly) and claimed a credit for prior year taxes. For details, read our post How To Claim a Credit for Prior Year Minimum Tax and the rules for claiming the credit. If you filed Form 1040 after early filing penalties and reduced standard deduction were in effect, the amount of the credit will be the greatest of (1) 25% of your Modified Adjusted Gross Income (MAGI), (2) 3,000; or (3) 1% of your MAGI. For the 2024 fiscal year, the credit rate is 1% of MAGI, which applies to earned income from all sources as well as certain amounts received during a taxable year from certain specified retirement plans and to certain qualified housing credits (Rods). The credit is not available if your MAGI is less than 18,000. If you itemize deductions on Schedule A, you will deduct 3,000 of your federal income tax for the amount of the credit for tax year 2024 and 2019. If you are married and file a separate return, you must file Form 1040. If you are filing jointly, attach a joint return when your return is due. If you have not filed a joint return, or cannot obtain a joint return, you must file a separate return for each taxable year.

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