2023 Form 8801 - Credit For Prior Year Minimum Tax Individuals Estates Trusts

Form 8801, Credit for Prior Year Minimum - Individuals, Estates and Trusts, is to compute the amount of any credit available for payment of alternative minimum tax (AMT) in prior years. The minimum tax credit is allowed for the amount of adjusted net minimum tax for all tax years reduced by the minimum tax credit for all prior tax years.

Purpose of Form

Form 8801 is used to claim a credit for prior year minimum tax, which is the amount of AMT paid in previous years that can be used to reduce regular tax liability in the current year. This form is essential for individuals, estates, and trusts that have paid AMT in prior years and want to claim a credit for that tax in the current year.

Who needs to file Form 8801?

You need to file Form 8801 if you meet the following conditions:

• You paid AMT in a prior year
• You have an unused minimum tax credit from a prior year
• You want to claim a credit for prior year minimum tax on your current year tax return

For the current year's Form 8801, click here.