Instructions For Form 8801 - Credit For Prior Year Minimum Tax-Individuals, Estates, And Trusts - 2007 Page 4

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Line 21
Line 47
If line 21 is zero or less, you do not have a nonrefundable or
If for 2006 you filed Form 1040NR and Form 8801, line 29,
refundable credit or a credit carryforward. Do not complete
is $175,000 or less ($87,500 or less if you checked filing
the rest of this form and do not file it.
status box 3, 4, or 5 on Form 1040NR for 2006), multiply line
29 by 26% (.26). Otherwise, multiply line 29 by 28% (.28)
Line 22
and subtract $3,500 ($1,750 if you checked filing status box
Follow the instructions below and refer to your 2007 income
3, 4, or 5 on Form 1040NR for 2006) from the result.
tax return to figure the amount to enter on line 22.
Line 48
Form 1040. Subtract from the amount on line 44 the total
If for 2006 you filed Form 2555 or Form 2555-EZ, do not
of any credits on lines 47 through 55 (not including any
enter the amount from Form 8801, line 48, on Form 8801,
credit for prior year minimum tax, clean renewable energy
line 11. Instead, enter the amount from Form 8801, line 48,
bond credit, and credit for Gulf tax credit bonds). If the result
on line 8 of the worksheet on page 2. Then complete the
is zero or less, enter -0-.
rest of that worksheet to figure the amount to enter on Form
Form 1040NR. Subtract from the amount on line 41 the
8801, line 11.
total of any credits on lines 44 through 50 (not including any
credit for prior year minimum tax, clean renewable energy
Part IV—Tentative Refundable Credit
bond credit, and credit for Gulf tax credit bonds). If the result
is zero or less, enter -0-.
Line 56
Form 1041, Schedule G. Subtract the total of any credits
If you are filing Form 2555, Form 2555-EZ, or Form 4563, or
on lines 2a through 2c from the sum of lines 1a and 1b. If
you are excluding income from sources within Puerto Rico,
the result is zero or less, enter -0-.
you must refigure your adjusted gross income (Form 1040,
Part III—Tax Computation Using
line 38) by adding back any foreign earned income and
housing exclusion (Form 2555, line 45, or Form 2555-EZ,
Maximum Capital Gains Rates
line 18), foreign housing deduction (Form 2555, line 50),
income from American Samoa that you are excluding (Form
If your 2006 taxable income was zero or less, complete lines
4563, line 15), and income from Puerto Rico that you are
2 through 6 of the 2006 Qualified Dividends and Capital
excluding. Enter the result on line 56.
Gain Tax Worksheet, lines 18 through 22 of the 2006
Schedule D (Form 1041), or lines 2 through 13 of the 2006
Paperwork Reduction Act Notice. We ask for the
Schedule D Tax Worksheet, whichever applies, before
information on this form to carry out the Internal Revenue
completing Part III.
laws of the United States. You are required to give us the
Form 1040NR. If you figured your 2006 tax using the
information. We need it to ensure that you are complying
Qualified Dividends and Capital Gain Tax Worksheet in the
with these laws and to allow us to figure and collect the right
Form 1040NR instructions, enter the amount from line 4 of
amount of tax.
that worksheet on Form 8801, lines 30 and 32; skip Form
You are not required to provide the information requested
8801, line 31; and enter on Form 8801, line 37, the amount
on a form that is subject to the Paperwork Reduction Act
from line 5 of that worksheet.
unless the form displays a valid OMB control number. Books
Estates and trusts. If you figured your 2006 tax using the
or records relating to a form or its instructions must be
Qualified Dividends Tax Worksheet in the Form 1041
retained as long as their contents may become material in
instructions, enter the amount from line 4 of that worksheet
the administration of any Internal Revenue law. Generally,
on Form 8801, lines 30 and 32; skip Form 8801, line 31; and
tax returns and return information are confidential, as
enter on Form 8801, line 37, the amount from line 5 of that
required by section 6103.
worksheet.
The time needed to complete and file this form will vary
Line 35
depending on individual circumstances. The estimated
burden for individual taxpayers filing this form is approved
If for 2006 you filed Form 1040NR and Form 8801, line 34,
under OMB control number 1545-0074 and is included in the
is $175,000 or less ($87,500 or less if you checked filing
estimates shown in the instructions for their individual
status box 3, 4, or 5 on Form 1040NR for 2006), multiply line
income tax return. The estimated burden for all other
34 by 26% (.26). Otherwise, multiply line 34 by 28% (.28)
taxpayers who file this form is shown below.
and subtract $3,500 ($1,750 if you checked filing status box
3, 4, or 5 on Form 1040NR for 2006) from the result.
Recordkeeping . . . . . . . . . . . . . . . . . . . .
2 hr., 4 min.
Line 36
Learning about the law or the form . . . . .
1 hr., 57 min.
Preparing the form . . . . . . . . . . . . . . . . .
2 hr., 3 min.
If for 2006 you filed Form 1040NR, enter $30,650 ($61,300
Copying, assembling, and sending the
48 min.
if you checked filing status box 6 on Form 1040NR for
form to the IRS . . . . . . . . . . . . . . . . . .
2006).
Line 37
If you have comments concerning the accuracy of these
time estimates or suggestions for making this form simpler,
If for 2006 you filed Form 1040NR, enter on Form 8801, line
we would be happy to hear from you. See the instructions
37, the amount from line 5 of your 2006 Qualified Dividends
for the tax return with which this form is filed.
and Capital Gain Tax Worksheet in the instructions for Form
1040NR, line 41, or the amount from line 14 of your 2006
Schedule D Tax Worksheet on page D-10 of the 2006
Instructions for Schedule D (Form 1040), whichever applies.
If you did not complete either worksheet, enter -0-.
-4-

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