Instructions For Form 3468 - Department Of The Treasury Page 4
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4Part II—Tax Liability Limit
For estates and trusts, the $25,000 amount is reduced by
the same proportionate share of income that was allocated to
the beneficiaries.
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Enter the regular tax before credits from the appropriate form or
schedule.
If you cannot use all of the credit because of the tax liability limit
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Individuals: Form 1040, line 40.
(line 15 is smaller than line 5), carry the excess back 1 year and
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Corporations: Form 1120, Schedule J, line 3; Form 1120-A,
then forward 20 years. See the Instructions for Form 3800 for
Part I, line 1; or the applicable line of your tax return.
details.
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Estates and trusts: The sum of the amounts from Form 1041,
Schedule G, lines 1a and 1b, or the amount from the applicable
Paperwork Reduction Act Notice. We ask for the information
line of your tax return.
on this form to carry out the Internal Revenue laws of the United
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States. You are required to give us the information. We need it
Enter the alternative minimum tax (AMT) from the following line
to ensure that you are complying with these laws and to allow
of the appropriate form or schedule.
us to figure and collect the right amount of tax.
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Individuals: Form 6251, line 28.
You are not required to provide the information requested on
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Corporations: Form 4626, line 15.
a form that is subject to the Paperwork Reduction Act unless
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Estates and trusts: Form 1041, Schedule I, line 39.
the form displays a valid OMB control number. Books or
records relating to a form or its instructions must be retained as
Line 11—Tentative Minimum Tax
long as their contents may become material in the
Although you may not owe AMT, you generally must still
administration of any Internal Revenue law. Generally, tax
compute the tentative minimum tax (TMT) to figure your credit.
returns and return information are confidential, as required by
For a small corporation exempt from the AMT under section
section 6103.
55(e), enter zero. Otherwise, complete and attach the
The time needed to complete and file this form will vary
applicable AMT form or schedule. Enter on line 11 the TMT
depending on individual circumstances. The estimated average
from the line shown below.
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time is:
Individuals: Form 6251, line 26.
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Corporations: Form 4626, line 13.
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Recordkeeping . . . . . . . . . . . . . . . . . . . . . . . . .
12 hr., 55 min.
Estates and trusts: Form 1041, Schedule I, line 37.
Learning about the law or the form . . . . . . . . . . .
3 hr., 35 min.
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Preparing and sending the form to the IRS . . . . . .
3 hr., 57 min.
If a husband and wife file separate returns, each must use
$12,500 instead of $25,000. But if one of them has no
If you have comments concerning the accuracy of these time
investment credit (or no carryforwards or carrybacks to the
estimates or suggestions for making this form simpler, we
current year), then the other may use the entire $25,000.
would be happy to hear from you. See the instructions for the
A member of a controlled group must use only its
tax return with which this form is filed.
apportioned share of the $25,000.
A regulated investment company or a real estate investment
trust should see Regulated Investment Companies and Real
Estate Investment Trusts on page 2.
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