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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.
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.
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.

Generating Form 8801 for tax year 2018 and prior

Go to Screen 38.2, 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 [Prior tax year] Form 6251 subsection, enter the following fields:
- Taxable income (lines 1 and 10)
  - 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 34)
  - This will flow to Form 8801, Part I, line 14.
- Alternative minimum tax (line 35)
  - This will flow to Form 8801, Part II line 16.
Under the [Prior tax year] Schedule D Tax Worksheet subsection, enter the following fields:
- Line 13 or qualified dividends and CG 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 CG tax worksheet, line 7
  - This will flow to Form 8801, Part III, line 35.
- Line 19 or qualified dividends and CG tax worksheet, line 7
  - This will flow to Form 8801, Part III, line 35.
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 Child under 24 (child's earned income plus $6,950), if applicable.
- This will flow to Form 8801, Part I, line 9.

Don't enter more than the sum of the taxpayer's prior tax year earned income plus $6,950 if they didn't file a joint return for the prior tax year, at least one of their parents was alive at the end of the prior tax year, and one of the following statements is true:

The taxpayer was under the age of 18 at the end of the prior tax year.
The taxpayer was age 18 at the end of the prior tax year and did not have earned income that was more than half of the total support.
The taxpayer was a full-time student over age 18 and under age 24 at the end of the prior tax year of and didn't have earned income that was more than half of the total support.

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.

Refer to the 2018 Instructions for Form 8801 for more information.

Generating Form 8801 for tax year 2012 and prior

Go to Screen 39 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 will flow to Form 8801, Part II, line 19.
Enter the information under the Refundable Minimum Tax Credit Carryover subsection:
- Check the Taxpayer had MTC carryforward to [second prior year] reported on [third prior year] Form 8801, line 30 box.
  - This will flow to Form 8801, Part II, line 26.
- Enter the [second prior year] Form 8801, lines 18 and 20.
  - This will flow to Form 8801, Part IV, line 49.
- Enter the [first prior year] Form 8801, lines 18 and 20.
  - This will flow to Form 8801, Part IV, line 50.
- Enter the [first prior year] Form 8801, line 57.
  - This will flow to Form 8801, Part IV, line 55.
- Enter the [first prior year] refundable MTC (Form 8801, line 27).
Enter the information from the prior tax year Form 6251:
- Taxable income (lines 1 and 10)
  - 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 34)
  - This will flow to Form 8801, Part I, line 14.
- Alternative minimum tax (line 35)
  - This will flow to Form 8801, Part II line 16.
Enter the information from the prior tax year Schedule D Tax Worksheet:
- Line 13 or qualified dividends and CG 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 CG tax worksheet, line 7
  - This will flow to Form 8801, Part III, line 35.
Enter the Foreign earned income/housing exclusion, if applicable.
- This will flow to Form 8801, Part I, line 11.
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 Child under 24 (child's earned income plus $6,950), if applicable.
- This will flow to Form 8801, Part I, line 9.

The taxpayer was under the age of 18 at the end of the prior tax year.
The taxpayer was age 18 at the end of the prior tax year and did not have earned income that was more than half of the total support.
The taxpayer was a full-time student over age 18 and under age 24 at the end of the prior tax year of and didn't have earned income that was more than half of the total support.

Enter the Net gain on disposition of U.S. real property (1040NR), 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.

Refer to the 2012 Instructions for Form 8801 for more information.

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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