Table of Contents
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If you owed alternative minimum tax (AMT) for 2007 or any prior year due to the AMT adjustment for the exercise of incentive stock options (Form 6251, line 13, for 2007), the amount of any such tax that you still owed as of October 3, 2008, has been abated. This means that your debt has been forgiven and you no longer owe this tax. However, you must reduce the amount of your credit for prior year minimum tax. See the instructions for line 21.
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If you paid interest and penalties on AMT for 2007 or any prior year due to the AMT adjustment for the exercise of incentive stock options, the amount of your prior year minimum tax that is eligible for the credit is increased for the first 2 tax years beginning after 2007 by 50% of the total of any such interest and penalties you paid before October 3, 2008. See lines 23 and 62.
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The calculation of the tentative refundable credit (Form 8801, Part IV) has been revised to reflect changes made by the Tax Extenders and Alternative Minimum Tax Relief Act of 2008.
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The Foreign Earned Income Tax Worksheet on page 2 has been revised to reflect changes made by the Tax Technical Corrections Act of 2007.
Use Form 8801 if you are an individual, estate, or trust to figure the current year nonrefundable credit, if any, for alternative minimum tax (AMT) you incurred in prior tax years; to figure the current year refundable credit (individuals only), if any, for any unused credit carryforward from 2005; and to figure any credit carryforward to 2009.
Complete Form 8801 if you are an individual, estate, or trust that for 2007 had:
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An AMT liability and adjustments or preferences other than exclusion items,
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A credit carryforward to 2008 (on 2007 Form 8801, line 28), or
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An unallowed qualified electric vehicle credit (see the instructions for line 20).
File Form 8801 only if line 24 is more than zero.
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