Hi guys, Welcome to the Advanced Video Search Engine, and you are watching IRS Form 8801 walkthrough (Credit for Prior Year Minimum Tax-Individuals, Estates, and Trusts). That video is uploaded by Teach Me! Personal Finance at 2023-10-05T12:40:12-07:00. We are promoting this video only for entertainment and educational purpose only. So, I hope you like & enjoy it. [NY-ViI35Bek]
| Name | IRS Form 8801 walkthrough (Credit for Prior Year Minimum Tax-Individuals, Estates, and Trusts) |
| Video Uploader | Video From Teach Me! Personal Finance |
| Upload Date | This Video Uploaded At 05-10-2023 19:40:12 |
| Video Discription | Subscribe to our YouTube channel: https://www.youtube.com/channel/UCPQFIx80N8_a3MC6Gx9If2g?sub_confirmation=1 Please feel free to check out our article, where we've written step by step instructions to help you walk through this tax form! https://www.teachmepersonalfinance.com/irs-form-8801-instructions/ If you’re looking for tutorials for other IRS Forms that you can file directly through the IRS website, check out our free fillable forms page: https://www.teachmepersonalfinance.com/free-fillable-tax-forms/ Here are article links for other forms mentioned in the video: IRS Form 6251, Alternative Minimum Tax: https://www.teachmepersonalfinance.com/irs-form-6251-instructions/ IRS Form 1116, Foreign Tax Credit: https://www.teachmepersonalfinance.com/irs-form-1116-instructions/ IRS Form 2555, Foreign Earned Income: https://www.teachmepersonalfinance.com/irs-form-2555-instructions/ Purpose of Form 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. Who Should File Complete Form 8801 if you are an individual, estate, or trust that for 2021 had: An AMT liability and adjustments or preferences other than exclusion items, A credit carryforward to 2022 (on 2021 Form 8801, line 26), or An unallowed qualified electric vehicle credit (see the instructions for line 20). File Form 8801 only if line 21 is more than zero. Specific Instructions The AMT is a separate tax that is imposed in addition to your regular tax. It is caused by two types of adjustments and preferences—deferral items and exclusion items. Deferral items (for example, depreciation) generally don't cause a permanent difference in taxable income over time. Exclusion items (for example, the standard deduction), on the other hand, do cause a permanent difference. The minimum tax credit is allowed only for the AMT caused by deferral items. NY-ViI35Bek |
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