Alternative Minimum Tax Credit for Prior Year -- Form 8801 in header of articles
Alternative Minimum Tax Credit for Prior Year -- Form 8801 in content page of articles
The Alternative Minimum Tax (AMT) credit lets you recoup money you had to pay as an AMT in a prior year. You can only claim this credit in a year when you don't have to pay AMT. You can't use the credit to reduce your AMT liability in the future. However, you can carry forward any unused portion of the credit to future years.
Use Form 8801 to figure the AMT credit, as well as an amount you can carry forward to future years.
You should file Form 8801 if you had an AMT liability for something other than an exclusionary item. You can file if you had a timing issue item or deferral item. Examples of deferral items are:
Incentive stock options exercised and not sold
AMT credit amount to carry forward
Unallowed nonconventional source fuel credit or qualified electric vehicle credit