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Old 03-01-2017, 02:23 PM
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Form 8801 (2016) - Purpose? MTFTCE Minimum Tax Foreign Tax Credit on Exclusion Items

I am stuck on line 12 of Form 8801, to calculate MTFTCE.

I filled out Form 1116 for regular tax and AMT in 2015.
The instructions say to fill out a MTFTCE Form 1116 to calculate. I get up to line 10 (carryback or carryover) on the 1116 worksheet.

The instructions say "Use your MTFTCE carryover, if any, on line 10."

I don't think I have any MTFTCE carryover (I haven't filed form 8801 before). But I do have foreign tax credits. On my 2015 Form 1116 that was used for regular tax, I had a positive value on my line 10 carryover. (on my 2015 form 1116 amt that was used for amt tax, I also had a larger positive number for carryover).



So I have a few questions:
What is the rationale / context for 8801 and line 12 MTFTCE? If I understand what this is trying to do, I can better understand the instructions.

I used foreign tax credit in 2014 and 2015. I don't have any foreign earned income for 2016, so does any of this matter anyway? I paid a couple thousand in AMT in 2015. I still have unused foreign tax credit, but am not sure I can do anything with it - can I somehow get some of that AMT back paid in 2015, or use more of my foreign tax credit carryover?

If it doesn't matter to me anymore, should I just skip 8801?

I'm using H&R Block Premium and it's gotten me into form 8801.



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Old 03-01-2017, 03:46 PM
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I still don't understand the instructions on the form, but I did confirm with H&R Block Tax Professionals (hope they're right!) that this did not apply to me.

On my 2015 6251 part 1, I only had line 1 and 7 entries. They told me this made form 8801 unnecessary.



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Old 03-02-2017, 04:45 AM
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Quote:
Originally Posted by 908a2h398fh View Post
I am stuck on line 12 of Form 8801, to calculate MTFTCE.

I filled out Form 1116 for regular tax and AMT in 2015.
The instructions say to fill out a MTFTCE Form 1116 to calculate. I get up to line 10 (carryback or carryover) on the 1116 worksheet.

The instructions say "Use your MTFTCE carryover, if any, on line 10."

I don't think I have any MTFTCE carryover (I haven't filed form 8801 before). But I do have foreign tax credits. On my 2015 Form 1116 that was used for regular tax, I had a positive value on my line 10 carryover. (on my 2015 form 1116 amt that was used for amt tax, I also had a larger positive number for carryover).



So I have a few questions:
What is the rationale / context for 8801 and line 12 MTFTCE? If I understand what this is trying to do, I can better understand the instructions.

I used foreign tax credit in 2014 and 2015. I don't have any foreign earned income for 2016, so does any of this matter anyway? I paid a couple thousand in AMT in 2015. I still have unused foreign tax credit, but am not sure I can do anything with it - can I somehow get some of that AMT back paid in 2015, or use more of my foreign tax credit carryover?

If it doesn't matter to me anymore, should I just skip 8801?

I'm using H&R Block Premium and it's gotten me into form 8801.
I am not familiar with the software so i guess you need to contact the vendor for help ; I do not check or file any form return here; so please contact an Enrolled Agent or a CAP doiing taxes in your local area for fed/state returns



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Old 11-17-2017, 07:54 AM
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