OMB No. 1545-1073

Form 8801

Department of the Treasury

Internal Revenue Service

Attachment

 Attach to Form 1040, 1040NR, or 1041. Sequence No. 74

Name(s) shown on return Identifying number

Net Minimum Tax on Exclusion Items

1 Combine lines 16 through 18 of your 2001 Form 6251. Estates and trusts, see instructions 1

2 Enter adjustments and preferences treated as exclusion items (see instructions) 2

3 ( ) 3 Minimum tax credit net operating loss deduction (see instructions)

Combine lines 1, 2, and 3. If zero or less, enter -0- here and on line 15 and go to Part II. If more

than $173,000 and you were married filing separately for 2001, see instructions

4

4

5

Enter: $49,000 if married filing jointly or qualifying widow(er) for 2001; $35,750 if single or head

of household for 2001; or $24,500 if married filing separately for 2001. Estates and trusts, enter

$22,500

5

6

Enter: $150,000 if married filing jointly or qualifying widow(er) for 2001; $112,500 if single or head

of household for 2001; or $75,000 if married filing separately for 2001. Estates and trusts, enter

$75,000

6

7 Subtract line 6 from line 4. If zero or less, enter -0- here and on line 8 and go to line 9 7

8 Multiply line 7 by 25% (.25) 8

9

9 Subtract line 8 from line 5. If zero or less, enter -0-. If this form is for a child under age 14, see

instructions

10

Subtract line 9 from line 4. If zero or less, enter -0- here and on line 15 and go to Part II. Form

1040NR filers, see instructions

10

11

11 ● If for 2001 you reported capital gain distributions directly on Form 1040, line 13, or had

a gain on both lines 16 and 17 of Schedule D (Form 1040) (lines 15c and 16, column (2), of

Schedule D (Form 1041)), complete Part III of Form 8801 and enter the amount from line 48

here.

Minimum tax foreign tax credit on exclusion items (see instructions) 12

13

14

Tentative minimum tax on exclusion items. Subtract line 12 from line 11

14

15

Enter the amount from your 2001 Form 6251, line 27, or Form 1041, Schedule I, line 38

15 Net minimum tax on exclusion items. Subtract line 14 from line 13. If zero or less, enter -0-

16 16

Minimum Tax Credit and Carryforward to 2003

Enter the amount from your 2001 Form 6251, line 28, or 2001 Form 1041, Schedule I, line 39

17 17

18

Enter the amount from line 15 above

18

19

Subtract line 17 from line 16. If less than zero, enter as a negative amount

19

20

2001 minimum tax credit carryforward. Enter the amount from your 2001 Form 8801, line 26

20 Enter the total of your 2001 unallowed nonconventional source fuel credit and 2001 unallowed

qualified electric vehicle credit (see instructions)

21 21

22

Combine lines 18, 19, and 20. If zero or less, stop here and see instructions

22

23

Enter your 2002 regular income tax liability minus allowable credits (see instructions)

23

24 24

Enter the amount from your 2002 Form 6251, line 33, or 2002 Form 1041, Schedule I, line 54

25

Subtract line 23 from line 22. If zero or less, enter -0-

25

26

Minimum tax credit. Enter the smaller of line 21 or line 24. Also enter this amount on your 2002

Form 1040, line 53; Form 1040NR, line 49; or Form 1041, Schedule G, line 2d

26

Minimum tax credit carryforward to 2003. Subtract line 25 from line 21. Keep a record of this

amount because you may use it in future years

Cat. No. 10002S

Part II

Part I

Credit for Prior Year Minimum Tax—

Individuals, Estates, and Trusts

For Paperwork Reduction Act Notice, see page 4. Form 8801 (2002)

(00)

 See instructions on pages 3 and 4.

2002

● All others: If line 10 is $175,000 or less ($87,500 or less if married filing separately for

2001), multiply line 10 by 26% (.26). Otherwise, multiply line 10 by 28% (.28) and subtract

$3,500 ($1,750 if married filing separately for 2001) from the result.

12

13


Tax Computation Using Maximum Capital Gains Rates

27 Enter the amount from line 10 27

28

Enter the amount from line 23 of your 2001 Schedule D (Form 1040)

(line 21 of the 2001 Schedule D (Form 1041)) or line 9 of your 2001

Schedule D Tax Worksheet*

28

29

Enter the amount from line 19 of your 2001 Schedule D (Form 1040),

or line 15b, column (2), of the 2001 Schedule D (Form 1041)

29

30

If you did not complete the 2001 Schedule D Tax Worksheet, enter

the amount from line 28. Otherwise, add lines 28 and 29, and enter

the smaller of that result or the amount from line 4 of your 2001

Schedule D Tax Worksheet

30

31

32

Enter the smaller of line 27 or line 30

32

33

Subtract line 31 from line 27

33

34

If line 32 is $175,000 or less ($87,500 or less if married filing separately for 2001), multiply line

32 by 26% (.26). Otherwise, multiply line 32 by 28% (.28) and subtract $3,500 ($1,750 if married

filing separately for 2001) from the result 

34

Enter the amount from line 28 of your 2001 Schedule D (Form 1040)

(line 26 of the 2001 Schedule D (Form 1041)) or line 16 of your Schedule

D Tax Worksheet.* Enter -0- if you did not complete Part IV of your

2001 Schedule D (Form 1040) (Part V of the 2001 Schedule D (Form

1041)) 

35

37

Enter the smaller of line 27 or line 28 35

38

36

Form 8801 (2002) Page 2

Part III

39

Enter the amount from your 2001 Schedule

D (Form 1040), line 29 (or 2001 Schedule D

(Form 1041), line 27) (if you did not complete

that line, enter -0-)

40

Enter the smaller of line 36 or line 37

41

Multiply line 38 by 8% (.08) 

42

Subtract line 38 from line 36

46

Subtract line 35 from line 31

47

Multiply line 44 by 25% (.25) 

Add lines 33, 39, 41, 43, and 45

38

40

44

46

47

Caution: If you did not complete Schedule D (Form 1040) for 2001 because you reported capital

gain distributions directly on Form 1040, line 13, or your 2001 taxable income was zero or less,

see the instructions before completing this part.

If line 29 is zero or blank, skip lines 44 and 45 and go to line 46.

Form 8801 (2002)

Enter the smaller of line 34 or line 35

43 43

Multiply line 40 by 10% (.10) 

44

Subtract line 36 from line 35

45

Multiply line 42 by 20% (.20) 

45

42

* The 2001 Schedule D Tax Worksheet is on page D-9 of the 2001 Instructions for Schedule D (Form 1040) (page 34 of the 2001 Instructions for Form 1041).

36

48

If line 27 is $175,000 or less ($87,500 or less if married filing separately for 2001), multiply line

27 by 26% (.26). Otherwise, multiply line 27 by 28% (.28) and subtract $3,500 ($1,750 if married

filing separately for 2001) from the result

Enter the smaller of line 46 or line 47 here and on line 11 48

31

37

39

41
Form 8801 (2002) Page 3

For loss years beginning before

1987, the amount of MTCNOL that

may be carried forward to tax years

beginning after 1986 is equal to the

amount of regular tax NOL that may

be carried from such loss years to the

first tax year beginning after 1986.

To determine the amount of

MTCNOL that may be carried to tax

years other than 2001, apply sections

172(b)(2) and 172(d) with appropriate

modifications to take into account only

exclusion items.

If your filing status was married filing

separately for 2001 and line 4 is more

than $173,000, you must include an

additional amount on line 4. If line 4 is

$271,000 or more, include an

additional $24,500 on line 4.

Otherwise, include 25% of the excess

of the amount on line 4 over

$173,000. For example, if the amount

on line 4 is $193,000, enter $198,000

instead—the additional $5,000 is 25%

of $20,000 ($193,000 minus

$173,000).

If this form is for a child who was

under age 14 at the end of 2001 and

at least one of the child’s parents was

alive at the end of 2001, do not enter

more than the sum of the child’s 2001

earned income plus $5,350.

Note: If you included any exclusion

item on a line not listed above, include

that item in the amount you enter on

line 2. For example, if depletion was

included on Form 6251 as an

adjustment on line 11 (passive

activities) instead of on line 14b

(depletion), include it as an exclusion

item in the amount you enter on line 2.

Line 3

For loss years beginning after 1986,

your MTCNOL is the excess of the

deductions (excluding the MTCNOLD)

over the income used to figure

alternative minimum taxable income

(AMTI) taking into account only

exclusion items. Figure this excess

with the modifications in section

172(d) taking into account only

exclusion items (that is, the section

172(d) modifications must be figured

separately for the MTCNOL).

For example, the limitation of

nonbusiness deductions to the

amount of nonbusiness income must

be figured separately for the MTCNOL

using only nonbusiness income and

deductions but taking into account

only exclusion items. However, ignore

the disallowance of the deduction for

personal exemptions under section

172(d)(3) because it has already been

taken into account to figure AMTI

attributable only to exclusion items.

Enter on this line the adjustments and

preferences treated as exclusions.

Exclusion items are your AMT

adjustments and preferences for: the

standard deduction, itemized

deductions (including any investment

interest expense reported on Schedule

E), certain tax-exempt interest,

depletion, the section 1202 exclusion,

and any other adjustments related to

exclusion items. Combine lines 1

through 7, 13, 14b, and 14m of your

2001 Form 6251. Do not include any

amount from line 12 of the 2001 Form

6251. Instead, include the exclusion

item amount from line 12d of the

Schedule(s) K-1 (Form 1041) you

received for 2001. If you included on

line 14o of the 2001 Form 6251 any

adjustments related to exclusion

items, also include those adjustments

in the amount you enter on line 2.

Enter the total on line 2.

Line 2

Your minimum tax credit net operating

loss deduction (MTCNOLD) is the

aggregate of the minimum tax credit

net operating loss (MTCNOL)

carryovers and carrybacks to 2001.

Your MTCNOL is figured as follows.

Line 4

Line 9

General Instructions

Section references are to the Internal

Revenue Code.

Purpose of Form

Use Form 8801 if you are an

individual, estate, or trust to figure the

minimum tax credit, if any, for

alternative minimum tax (AMT) you

incurred in prior tax years and to

figure any minimum tax credit

carryforward.

Who Should File

Complete Form 8801 if you are an

individual, estate, or trust that, for

2001 had:

● An AMT liability and adjustments or

preferences other than exclusion

items,

● A minimum tax credit carryforward

to 2002, or

Skip lines 1 through 3 of Form 8801.

Complete Parts I and II of another

2001 Form 1041, Schedule I. For Part

I of Schedule I, take into account only

exclusion items (the amounts included

on lines 4a through 4d, 4p, and 4q,

and the section 1202 exclusion tax

preference item included on line 4u

and any other adjustments related to

exclusion items included on line 4u of

Schedule I). On line 7 of Schedule I,

use the minimum tax credit net

operating loss deduction (MTCNOLD).

However, do not limit the MTCNOLD

to 90% of the amount on line 6 of

Schedule I (see the instructions for

line 3 on this page for how to figure

the MTCNOLD). In Part II of Schedule

I, complete lines 18 and 19 without

taking into account any basis

adjustments arising from deferral

items. If the amount on Schedule I,

line 12, is zero or less, enter zero on

Form 8801, line 4. Otherwise, enter on

Form 8801, line 4, the amount from

Schedule I, line 12, adjusted for

exclusion items that were allocated to

the beneficiary.

Specific Instructions

The AMT is attributable to two types

of adjustments and preferences—

deferral items and exclusion items.

Deferral items (for example,

depreciation) generally do not cause a

permanent difference in taxable

income over time. Exclusion items

(for example, the standard deduction),

on the other hand, do cause a

permanent difference. The minimum

tax credit is allowed only for the AMT

attributable to deferral items.

● An unallowed nonconventional

source fuel credit or qualified electric

vehicle credit (see the instructions for

line 20).

File Form 8801 only if line 21 is

more than zero.

Line 1—Estates and Trusts

If you filed Form 1040NR for 2001 and

had a net gain on the disposition of

U.S. real property interests, line 10

cannot be less than the smaller of that

net gain or line 4.

Line 10

Line 12

The minimum tax foreign tax credit on

exclusion items (MTFTCE) is your

2001 AMT foreign tax credit (AMTFTC)

refigured using only exclusion items.

Follow these steps to figure your

MTFTCE.

1. Use a separate 2001 Form 1116

for the MTFTCE for each separate

limitation category specified at the top

of Form 1116.

Note: A child born on January 1,

1988, is considered to be age 14 at

the the end of 2001, and is therefore

not subject to this limitation.
Form 8801 (2002) Page 4

Enter the total of any nonconventional

source fuel credit and qualified electric

vehicle credit not allowed for 2001

solely because of the limitations under

sections 29(b)(6)(B) and 30(b)(3)(B).

If line 21 is zero or less, you do not

have a minimum tax credit or a

minimum tax credit carryforward. Do

not complete the rest of this form and

do not file it.

Follow the instructions below and refer

to your 2002 income tax return to

figure the amount to enter on

line 22.

Form 1040. Subtract from the amount

on line 42 the total of any credits on

lines 45 through 53 (not including any

credit for prior year minimum tax). If

the result is zero or less, enter zero.

Form 1040NR. Subtract from the

amount on line 40 the total of any

credits on lines 43 through 49 (not

including any credit for prior year

minimum tax). If the result is zero or

less, enter zero.

Form 1041, Schedule G. Subtract the

total of any credits on lines 2a through

2c from the sum of lines 1a and 1b. If

the result is zero or less, enter zero.

If you have comments concerning

the accuracy of these time estimates

or suggestions for making this form

simpler, we would be happy to hear

from you. See the instructions for the

tax return with which this form is filed.

Paperwork Reduction Act Notice.

We ask for the information on this

form to carry out the Internal Revenue

laws of the United States. You are

required to give us the information.

We need it to ensure that you are

complying with these laws and to

allow us to figure and collect the right

amount of tax.

You are not required to provide the

information requested on a form that

is subject to the Paperwork Reduction

Act unless the form displays a valid

OMB control number. Books or

records relating to a form or its

instructions must be retained as long

as their contents may become

material in the administration of any

Internal Revenue law. Generally, tax

returns and return information are

confidential, as required by section

6103.

Line 20

Line 21

Line 22

The time needed to complete and

file this form will vary depending on

individual circumstances. The

estimated average time is:

Recordkeeping, 2 hr., 4 min.;

Learning about the law or the form,

1 hr., 51 min.; Preparing the form,

1 hr., 39 min.; Copying, assembling,

and sending the form to the IRS, 

16 min.

2. If you figured your 2001 AMTFTC

using the simplified limitation election,

skip Part I and enter on the MTFTCE

Form 1116, line 16, the same amount

you entered on that line for the 2001

AMT Form 1116. Otherwise, complete

Part I using only taxable income and

exclusion items that are attributable to

sources outside the United States. If

the Instructions for Form 1116 require

you to complete Worksheet A or B,

you must first complete an MTFTCE

Worksheet for Line 17, following the

instructions under 5 below.

3. Complete lines 9 through 13 of

the MTFTCE Form 1116. For line 9,

use the same amount you entered on

that line for 2001 for the regular tax.

Use your MTFTCE carryover, if any, on

line 10.

4. If you did not figure your 2001

AMTFTC using the simplified limitation

election, complete lines 14 through 16

of the MTFTCE Form 1116.

5. If you did not complete Part III of

Form 8801, enter the amount from

Form 8801, line 4, on line 17 of the

MTFTCE Form 1116 and go to 6

below. Otherwise, follow these steps

to complete, for the MTFTCE, the

Worksheet for Line 17 on page 11 of

the 2001 Form 1116 instructions.

a. Enter the amount from Form

8801, line 4, on line 1 of the MTFTCE

Worksheet for Line 17.

b. Complete the Schedule D Tax

Worksheet (in the 2001 Instructions for

Schedule D (Form 1040) or the 2001

Instructions for Form 1041) for the

MTFTCE as follows. Enter the amount

from Form 8801, line 10, on line 1 of

the worksheet and skip lines 15, 19,

21, 25, 31, and 34 through 37. Use

the amounts from Parts I, II, and III of

your 2001 regular tax Schedule D

(Form 1040) (Parts I through IV of

Schedule D (Form 1041)) to complete

the rest of the MTFTCE Schedule D

Tax Worksheet. If you reported capital

gain distributions directly on Form

1040, line 13, enter the amount from

Form 1040, line 13, on lines 2, 4, and

9 of the MTFTCE Schedule D Tax

Worksheet, and enter zero on lines 3

and 5 through 8 of that worksheet.

c. Complete the rest of the MTFTCE

Worksheet for Line 17 using the

amounts from the MTFTCE

Schedule D.

6. Enter the amount from Form

8801, line 11, on the MTFTCE Form

1116, line 19. Complete lines 18, 20,

and 21 of the MTFTCE Form 1116.

7. Complete Part IV of the first

MTFTCE Form 1116 only. Enter the

amount from the MTFTCE Form 1116,

line 33, on Form 8801, line 12.

8. Keep all Forms 1116 you used to

figure your MTFTCE, but do not

attach them to your tax return.

If line 13 of the MTFTCE Form 1116

is greater than line 20 of the MTFTCE

Form 1116, keep a record of the

difference. This amount is carried

forward and used to figure your

MTFTCE next year.

Part III—Tax Computation

Using Maximum Capital

Gains Rates

If you did not complete Schedule D

(Form 1040) for 2001 because you

reported capital gain distributions

directly on Form 1040, line 13, then:

● Enter the amount of your 2001

capital gain distributions on Form

8801, lines 28 and 30,

● Skip Form 8801, line 29, and

● Enter on Form 8801, line 34, the

amount, if any, from line 7 of the

Capital Gain Tax Worksheet in the

instructions for line 40 of the 2001

Form 1040.

If your 2001 taxable income was

zero or less, complete lines 19 and 21

through 23 of your 2001 Schedule D

(Form 1040) (lines 19 through 21 of

the 2001 Schedule D (Form 1041)), or

lines 2 through 9 of the 2001

Schedule D Tax Worksheet, if

applicable, before completing Part III.

Note: When applying the separate

limitation categories, use the

applicable AMT rate instead of the

regular tax rate to determine if any

income is “high-taxed.”