Get Form 8827 Credit For Prior Year Minimum Tax--Corporations Attach To The Corporation's Tax Return

Refundable minimum tax credit. For tax years beginning in 2018 and 2019, a corporation is allowed an AMT refundable credit amount equal to 50% (100% for tax years beginning in 2019) of the excess minimum tax credit over the corporation's regular tax liability.

Use Form 8801 if you are an individual, estate, or trust to figure the minimum tax credit, if any, for alternative minimum tax (AMT) you incurred in prior tax years and to figure any credit carryforward to 2023.

In order to claim your AMT credit, you will need to file IRS form 8801. You typically will not be able to claim 100% of your AMT credit right away due to limitations. Recall that when calculating AMT you calculate your tax in two ways.

The minimum tax credit is generally the amount of adjusted net minimum tax for all tax years reduced by the minimum tax credit for all prior tax years ( Code Sec. 53).

Key Takeaways. Beginning in 2023, the United States will apply a 15% corporate alternative minimum tax (CAMT). The CAMT applies to corporations with average annual adjusted book income over $1 billion for a period of three consecutive years.

Use Form 6251 to figure the amount, if any, of your alternative minimum tax (AMT). The AMT applies to taxpayers who have certain types of income that receive favorable treatment, or who qualify for certain deductions, under the tax law.

Use IRS Form 8801 for these purposes: If you had an AMT liability for something other than an exclusionary item (such as a deferral item) To calculate the minimum tax credit. To calculate the amount you can carry over to future years.

Form 8827. Department of the Treasury. Internal Revenue Service. Credit for Prior Year Minimum Tax—Corporations. ▶ Attach to the corporation's tax return.