How do AMT credits work?
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How do AMT credits work?
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No matter how you file, Block has your back. When you have completed your or A, you will need those forms available to claim a credit. Complete IRS Form Form will lead you through the calculations that you need to make in order to find out if you are eligible to receive an AMT credit based on prior AMT payments. If you paid the AMT two or more years ago, and were due for an AMT credit in the prior year, then you may have a credit carryover.
Using Form , you will calculate the difference between your regular taxable income and your AMT income for the year. You also need to calculate whether you owe the AMT for this year, using Form as in prior years. Determine your AMT credit. The amount you calculate equals the amount you can claim as a credit for this tax year.
Your tax credit will be the figure you calculate on Line 25 of Form Make a note of this result for entry to your Form tax return. If your AMT is less than your regular taxable income, then you can claim an AMT credit, up to the amount of the difference. If you had additional AMT credit due from a prior year, you may carry over the remainder, to be claimed in a future year. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
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