Generating Form 8801 in the Individual module of Lacerte
by Intuit• Updated 2 years ago
You can enter information for Form 8801, Credit for Prior Year Minimum Tax—Individuals, Estates, and Trusts on Screen 38.2, Recovery Rebate, EIC, Residential Energy, Other Credits. This will generate the form in the program. The applicable information from Form 8801 will proforma from the previous year.
Refer to the Instructions for Form 8801 for more information.
For tax years prior to 2019, use the applicable instructions at the bottom of the article.
Follow theses steps to generate Form 8801 for tax years 2019 and later:
- Go to Screen 38.2, Recovery Rebate, EIC, Residential Energy, Other Credits.
- Scroll down to the Minimum Tax Credit (8801) section.
- Enter the Minimum tax credit carryover, if any, from the prior tax year.
- This amount doesn't proforma and will flow to Form 8801, Part II, line 19.
- Under the 2020 Form 6251 subsection, enter the following fields:
- Taxable income (lines 1 and 2e)
- This will flow to Form 8801, Part I, line 1.
- Exclusion items
- This will flow to Form 8801, Part I, line 2.
- Tax less foreign tax credit (line 10)
- This will flow to Form 8801, Part I, line 14.
- Alternative minimum tax (line 11)
- This will flow to Form 8801, Part II line 16.
- Taxable income (lines 1 and 2e)
- Under the 2020 Schedule D Tax Worksheet subsection, enter the following fields:
- Line 13 or qualified dividends and capital gain tax worksheet, line 6
- This will flow to Form 8801, Part III, line 28.
- Schedule D, line 19
- This will flow to Form 8801, Part III, line 29.
- Line 10
- This will flow to Form 8801, Part III, line 30, if the amount is smaller than the total of Form 8801, lines 28 and 29.
- Line 14 or qualified dividends and capital gain tax worksheet, line 7
- This will flow to Form 8801, Part III, line 35.
- Line 21 or qualified dividends and capital gain tax worksheet, line 7
- This will flow to Form 8801, Part III, line 35.
- Line 13 or qualified dividends and capital gain tax worksheet, line 6
- Enter the Foreign earned income/housing exclusion, if applicable.
- This will flow to Form 8801, Part I, line 11.
- Enter the Itemized deductions or exclusions related to excluded income, if applicable.
- This amount will be subtracted from the Form 8801, line 11 amount in order to properly compute the tax.
- Enter the Minimum tax credit net operating loss, if applicable.
- This will flow to Form 8801, line 3.
- Enter the Minimum tax foreign tax credit, if applicable.
- This will flow to Form 8801, Part I, line 12.
- Enter the Unallowed electric vehicle credit, if applicable.
- This will flow to Form 8801, Part II, line 20.
- Enter the Net gain on disposition of U.S. real property (1040-NR), if applicable.
- This will flow to Form 8801, Part I, line 10.
- Enter the Filing status, if the filing status in the current tax year is different than the prior tax year.
- Lacerte uses this entry to calculate the dollar limits on Form 8801. If the taxpayer's filing status is the same as the prior tax year, leave this input field blank.
The Nonrefundable credit [O] field will override the automatic calculation of the nonrefundable prior year minimum tax credit. You must manually prepare and attach Form 8801 when you override the credit. The program prints the override amount on Form 1040, page 2.
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