Where do I enter a credit for Prior Year Minimum Tax (Form 8801)
Menu Path: Deductions/Credits > Other Deductions/Credits > Prior Year Minimum Tax Credit
Most people who paid an Alternative Minimum Tax (AMT) in the past don't qualify for the Credit for Prior Year Minimum Tax. It's only available if you paid AMT in the past because of timing adjustments. Timing adjustments are when there is a temporary difference in regular taxable income and AMT taxable income, but not a permanent difference over time.
The most common timing AMT adjustments are incentive stock options, depreciation, and intangible drilling costs. If you had to pay AMT tax in a prior year because of timing adjustments, then you might qualify for the Credit for Prior Year Minimum Tax.
Most people who paid an Alternative Minimum Tax (AMT) in the past don't qualify for the Credit for Prior Year Minimum Tax. It's only available if you paid AMT in the past because of timing adjustments. Timing adjustments are when there is a temporary difference in regular taxable income and AMT taxable income, but not a permanent difference over time.
The most common timing AMT adjustments are incentive stock options, depreciation, and intangible drilling costs. If you had to pay AMT tax in a prior year because of timing adjustments, then you might qualify for the Credit for Prior Year Minimum Tax.
