{"id":20697,"date":"2017-06-14T12:00:00","date_gmt":"2017-06-14T12:00:00","guid":{"rendered":"https:\/\/www.hrblock.com\/tax-center\/"},"modified":"2023-08-29T08:43:53","modified_gmt":"2023-08-29T13:43:53","slug":"credit-for-prior-year-minimum-tax","status":"publish","type":"post","link":"https:\/\/www.hrblock.com\/tax-center\/filing\/credits\/credit-for-prior-year-minimum-tax\/","title":{"rendered":"Credit for Prior-Year Minimum Tax &#8211; Form 8801"},"content":{"rendered":"<p><em><strong>Editor\u2019s Note:<\/strong> <a href=\"https:\/\/www.hrblock.com\/tax-center\/income\/other-income\/what-is-alternative-minimum-tax\/\">Alternative Minimum Tax (AMT)<\/a> is a separate tax. AMT is imposed in addition to your regular tax. AMT is triggered by two types of adjustments\u2014deferral and exclusion items. Deferral items can create a minimum tax credit (also called the AMT credit). Read on to find out more information about how you can apply the credit for prior-year minimum tax with Form 8801.<\/em><\/p>\n<h2>Credit for Prior-Year Minimum Tax? More Info On AMT Credit Carryforward Option<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-47385 alignright\" src=\"https:\/\/www.hrblock.com\/tax-center\/wp-content\/uploads\/2019\/11\/tax-forms-300x169.jpg\" alt=\"tax forms\" width=\"300\" height=\"169\" srcset=\"https:\/\/www.hrblock.com\/tax-center\/wp-content\/uploads\/2019\/11\/tax-forms-300x169.jpg 300w, https:\/\/www.hrblock.com\/tax-center\/wp-content\/uploads\/2019\/11\/tax-forms-768x432.jpg 768w, https:\/\/www.hrblock.com\/tax-center\/wp-content\/uploads\/2019\/11\/tax-forms-1024x576.jpg 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>The Prior-Year Minimum Tax Credit lets you get back money you paid as an AMT in a prior year. You can only claim this credit in a year when you don\u2019t have to pay AMT. You can\u2019t use the credit to reduce your AMT liability in the future. However, AMT credit carryforward is granted for unused portion of the credit to future years.<\/p>\n<h2>When to Use IRS Form 8801<\/h2>\n<p>Use IRS Form 8801 for these purposes:<\/p>\n<ul>\n<li>If you had an AMT liability for something other than an exclusionary item (such as a deferral item)<\/li>\n<li>To calculate the minimum tax credit<\/li>\n<li>To calculate the amount you can carry over to future years<\/li>\n<\/ul>\n<p>Deferral items include:<\/p>\n<ul>\n<li>Depreciation<\/li>\n<li>Incentive\u00a0<a href=\"https:\/\/www.hrblock.com\/tax-center\/income\/investments\/stock-options\/\">stock options<\/a>\u00a0exercised and not sold<\/li>\n<\/ul>\n<h2>Form 8801 Instructions<\/h2>\n<p>Refer to the instructions for completing <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f8801.pdf\">Form 8801 from the IRS<\/a>.<\/p>\n<h2>Where to Go to Get Help With The AMT Credit<\/h2>\n<p>Whether you\u00a0<a href=\"https:\/\/www.hrblock.com\/tax-offices\/local-offices\/#!\/en\/office-locator\/\">make an appointment<\/a>\u00a0with one of our knowledgeable tax pros or choose one of our\u00a0<a href=\"https:\/\/www.hrblock.com\/online-tax-filing\/\">online tax filing<\/a>\u00a0products, you can count on H&amp;R Block to help you get back the most money possible.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Editor\u2019s Note: Alternative Minimum Tax (AMT) is a separate tax. AMT is imposed in addition to your regular tax. AMT is triggered by two types of adjustments\u2014deferral and exclusion items. Deferral items can create a minimum tax credit (also called the AMT credit). Read on to find out more information about how you can apply [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[37,125],"tags":[],"class_list":["post-20697","post","type-post","status-publish","format-standard","hentry","category-credits","category-filing"],"acf":[],"yoast_head":"<title>AMT Tax Credit: Form 8801 | H&amp;R Block<\/title>\n<meta name=\"description\" content=\"Learn about IRS Form 8801 with help from H&amp;R Block. 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