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Screen 8801 - Credit for Prior Year Alternative Minimum Tax (1041)

Overview

Use this screen to enter information to complete Form 8801 and the Form 8801 Worksheet for Electing Small Business Trusts.
If the return is marked as
ESBT (Return has non-S Corporation income)
 on the 1041 Screen, in the General folder, enter the amounts from the S-Corporation part in the
ESBT
 field and the remainder in the
Other
 field.

Prior Year Information

Minimum tax foreign tax credit on exclusion items
Enter the amount of the minimum tax foreign tax credit on exclusion items to complete Form 8801, line 12.
Schedule I: Line 55
Enter the amount of regular tax before credits as reported on the prior-year Schedule I. This amount flows to Form 8801, Line 14.
Schedule I: Line 56
Enter the amount of alternative minimum tax from the prior-year Schedule I for Form 8801, line 16.
Unallowed electric vehicle credit
If necessary, enter the amount of any prior-year unallowed qualified vehicle credit. This transfers to Form 8801, line 20.
Schedule D: Line 26 or Tax Worksheet, line 13
If necessary, enter the amount from the prior-year Schedule D, line 26 or the Schedule D Tax Worksheet, line 13. The application uses this information to complete Form 8801, Line 28.
If the return is an ESBT with non-S Corporation income, enter the prior-year Schedule D Tax Worksheet, line 13 amount from the S Corporation part of the trust in the
ESBT
 field and enter the prior-year Schedule D, line 26 or the Schedule D Tax Worksheet, line 13 amount from the remainder of the trust in the
Other
 field.
Schedule D: Line 18b, column 2
If necessary, enter the amount from the prior-year Schedule D, line 18b, column 2 for Form 8801, Line 29.
Schedule D: Tax Worksheet, line 10
Enter the amount from the prior-year Schedule D Tax Worksheet, line 10 to complete Form 8801, Line 30.
Schedule D: Line 27
If necessary, enter the amount from the prior-year Schedule D, line 27. This amount flows to Form 8801, Part III.
If the return is an ESBT with non-S Corporation income, enter the prior-year Capital Gain Tax Worksheet - Electing Small Business Trust, line 6 amount from the S Corporation part of the trust in the
ESBT
 field and enter the prior-year Schedule D, line 27 amount from the remainder of the trust in the
Other
 field.

Form 8801 Worksheet

Schedule I: Exclusion items
If necessary, enter the exclusion items from the prior-year Schedule I. Include interest, taxes, miscellaneous itemized deductions, and refund of taxes.
Schedule I: Tax preference items
Enter the tax preference items from the prior-year Schedule I. These items are the tax-exempt interest from specified private activity bonds and depletion.
Form 1041, Schedule K-1 exclusion items
If necessary, enter the amount received from other trusts and estates in the preceding year reported on all Schedules K-1, line 12d.
Total alternative minimum tax net operating loss deduction available
If necessary, enter the net operating loss deduction on an alternative minimum tax basis before the 90-percent limit.
Tax-exempt income included above, Schedule I, line 41
Enter tax-exempt income included on Schedule I, line 41 in the preceding year.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1041 Fiduciary
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