Instructions For Schedule I (Form 1041) - Alternative Minimum Tax-Estates And Trusts - 2017


Department of the Treasury
Internal Revenue Service
Instructions for Schedule I
(Form 1041)
Alternative Minimum Tax—Estates and Trusts
Complete Schedule I if the estate or
deductions that enter into the
Section references are to the Internal Revenue
Code unless otherwise noted.
trust claims any general business credit
computation of its adjustments and tax
and line 6 of Part I or line 3 of Part III of
preference items.
Future Developments
Form 3800, General Business Credit, is
Allocation of Deductions to
For the latest information about
more than zero.
developments related to Schedule I and
its instructions, such as legislation
The distributable net alternative
Schedule I contains adjustments and
enacted after they were published, go to
minimum taxable income (DNAMTI) of
tax preference items that are treated
the estate or trust doesn't include
differently for regular tax and AMT
amounts of depreciation, depletion, and
What's New
purposes. If you, as fiduciary for the
amortization that are allocated to the
estate or trust, completed a form to
beneficiaries, just as the distributable
AMT tax brackets. The threshold for
figure an item for regular tax purposes,
net income of the estate or trust doesn't
the 28% AMT tax bracket increased to
you may have to complete it a second
include these items for regular tax
amounts over $187,800.
time for AMT purposes. Generally, the
difference between the amounts on the
AMT exemption amount and phase-
Report separately in box 12 of
two forms is the AMT adjustment or tax
out. The AMT exemption amount
Schedule K-1 (Form 1041),
preference item to enter on Schedule I.
increased to $24,100. The exemption
Beneficiary's Share of Income,
Except for Form 1116, Foreign Tax
amount begins to be phased-out at
Deductions, Credits, etc., any
Credit (Individual, Estate, or Trust), any
amounts over $80,450 and is
adjustments or tax preference items
additional form completed for AMT
completely phased-out at $176,850.
attributable to accelerated depreciation
purposes doesn't have to be filed with
Capital gains and qualified divi-
(code G), depletion (code H), and
Form 1041.
dends. For tax year 2017, the 20%
amortization (code I) that were allocated
For regular tax purposes, some
maximum capital gains rate applies to
to the beneficiaries.
deductions and credits may result in
estates and trusts with income above
Optional Write-Off for Certain
carrybacks or carryforwards to other tax
$12,500. The 0% and 15% rates
years. Examples are investment interest
continue to apply to certain threshold
expense, a net operating loss deduction
amounts. The 0% rate applies to
There is no AMT adjustment for the
(NOLD), a capital loss, and the foreign
amounts up to $2,550. The 15% rate
following items if the estate or trust
tax credit. Because these items may be
applies to amounts over $2,550 and up
elects to deduct them ratably over the
refigured for the AMT, the carryback or
to $12,500.
period of time shown for the regular tax.
carryforward amount may be different
Circulation expenditures—3 years
General Instructions
for regular and AMT purposes.
(section 173).
Therefore, you should keep records of
Research and experimental
these different carryforward and
Purpose of Schedule
expenditures—10 years (section
carryback amounts for the AMT and
Use Schedule I (Form 1041) to figure:
regular tax. The AMT carryforward will
Intangible drilling costs—60 months
The estate's or trust's alternative
be important in completing Schedule I
(section 263(c)).
minimum taxable income;
for 2018.
Mining exploration and development
The income distribution deduction on
costs—10 years (sections 616(a) and
Credit for Prior Year Minimum
a minimum tax basis; and
The estate's or trust's alternative
minimum tax (AMT).
The election must be made in the
Estates and trusts that paid AMT in
year the expenditure was made and
2016, or had a minimum tax credit
Who Must Complete
may be revoked only with IRS consent.
carryforward from the 2016 Form 8801,
Schedule I (Form 1041)
See section 59(e) and Regulations
Credit for Prior Year Minimum
section 1.59-1 for more details.
Tax—Individuals, Estates, and Trusts,
Complete Parts I and II if the estate or
may be eligible for a minimum tax credit
trust is required to complete Form 1041,
in 2017. See Form 8801.
Schedule B, Income Distribution
Partners and Shareholders
Complete Schedule I if the estate's or
An estate or trust that is a partner in a
trust's share of alternative minimum
partnership or a shareholder in an S
taxable income (Part I, line 29) exceeds
corporation must take into account its
share of items of income and
Jan 22, 2018
Cat. No. 51559W


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