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Screen 8801 - Credit for Prior Year Minimum Tax (1040)

Overview

To force Form 8801 to print if it has data and whether or not it is required, choose Setup and then 1040 Individual. Select the Federal tab and select the Tax Return button in the Collation group box. Select the
Pages that can be forced to print
 option in the Focus group box, and choose the tab for the collation (Government, Client, or Preparer) to modify. Choose Form 8801, then select the
Always if data
 option. Select OK when done.

Form 8801 - General Information

Part I of Form 8801 uses this field. If this field is blank, UltraTax CS uses the filing status entered in the 1040 screen.
Enter the amount of exclusion items reported on the
2023
 Form 1041, Schedule K-1. The total on the Adjustments and preferences line of Form 8801 is the sum of this amount and the amount in the
Form 6251, adjustments & preferences treated as exclusion items
 field.
Amounts in the
Minimum tax credit NOL deduction
 field in the prior-year 8801 screen proforma to this field if the
Proforma NOL and foreign tax credit to the 8801 screen next year
 field in the prior-year 8801 screen was marked prior to the proforma.
If the taxpayer was under age 18 on January 1,
2024
, or a full time student between the age of 19 and 23, and at least one of the parents was alive on December 31, [[ut_py_yyyy]], enter the amount from line 9 of the prior year AMT Exemption Worksheet.
If the taxpayer filed Form 1040NR for
2023
 with a net gain on the disposition of U.S. real property interests, enter the amount in this field. This amount determines the amount reported on Form 8801, line 10. Line 10 cannot be smaller than either Form 8801 line 4 or the U.S. real property net gain.
Amounts in the
Minimum tax foreign tax credit
 field in the Projected Next Year Credit section of the prior-year 8801 screen proforma to this field if the
Proforma NOL and foreign tax credit to the 8801 screen next year
 field in the prior-year 8801 screen was marked prior to the proforma.
Enter the amount of any
2023
 unallowed fuel from a qualified electric vehicle credit due to tentative minimum tax. Note that Form 8801 minimum tax credit carryforward amounts are entered in the CO screen.
If the taxpayer's age was greater than 18 and less than 24 on January 1,
2024
, enter
1
 if the taxpayer is a full-time student or
2
 if the taxpayer was not a full-time student in the prior tax year. This information is required to properly calculate Form 8801 line 9.

Prior Year Maximum Capital Gains Information

Use this section to enter information about the prior year's capital gains. UltraTax CS uses this information to complete the Tax Computation Using Maximum Capital Gains Rates on Part III of Form 8801. If the prior year Qualified Dividends and Capital Gain Tax Worksheet (or Schedule D Tax Worksheet was not completed in the prior year because the taxable income was zero (0) or less, enter the amounts as if the worksheet had been completed.
Enter the amount from the
2023
 Schedule D, or what the amount would have been if the Schedule D lines had been completed. For more information, refer to the Form 8801 instructions.
This is the amount on the Form 8801 Foreign Earned Income Tax Worksheet required to calculate Form 8801, line 11.

Projected Next Year Credit

Use this section to enter information to project the credit for prior-year minimum tax for
2025
. The information contained in the return and the data in this section are used to project the credit for the following year.
Enter an amount to change the calculated amount for the exclusion items. This amount will be reported on the Next Year's Tentative Minimum Credit Worksheet.
Enter
X
 to proforma data entered in the
Minimum tax credit NOL deduction
 and
Minimum tax foreign tax credit
 fields to the following year's 8801 screen. The Form 8801 calculation uses the proforma'd amounts.
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