2007 Tax Advice: AMT Credit

For those filling out tax forms to send to IRS, there’s a new tax law about AMT Credit. If you owed any AMT (alternative minimum tax) in the past, you may be able to get back a huge AMT credit this year. Be sure to figure out if you can check Yes in the checkbox on Form 8801, line 26. In other words, you can get a big refund if you have an amount on your Form 8801, line 26 in your 2004 Tax Return (all the more reason to keep your old tax returns in your file cabinet). It’s easy to miss this little checkbox, but it can be a biggie!

You can read more here: http://www.fairmark.com/execcomp/credit-relief-1.htm