Looking for a Form 1041 Schedule I Templates? Download it for free!

168(g). For facilities placed in service

may affect deductions that are based on

Storms and Tornadoes), qualified

after 1998, figure the AMT deduction

an income limit other than adjusted

disaster recovery assistance losses (as

under MACRS using the straight line

gross income (AGI) or modified AGI (for

defined in Pub. 4492-B, Information for

method. Enter the difference between

example, farm conservation expenses).

Affected Taxpayers in the Midwestern

the regular tax and AMT deduction. If

Refigure these deductions using the

Disaster Areas) or a 2008 or 2009 loss

the AMT amount is greater, enter the

income limit as modified for the AMT.

that you elected to carryback more than

difference as a negative amount.

Include the difference between the

2 years under section 172(b)(1)(H). If an

Tax shelter farm activities. Figure

regular tax and AMT deduction on

ATNOL that is carried back or carried

this adjustment only if the tax shelter

line 23. If the AMT deduction is more

forward to a tax year is attributable to

farm activity (as defined in section 58(a)

than the regular tax deduction, include

any of those losses, the ATNOLD for the

(2)) isn't a passive activity. If the activity

the difference as a negative amount.

tax year is limited to the sum of:

is passive, include it with any other

1. The smaller of:

Don’t make an adjustment on

passive activities on line 15.

line 23 for an item you refigured

a. The sum of the ATNOL

Refigure all gains and losses

on another line of Schedule I

carrybacks and carryforwards to the tax

CAUTION

reported for the regular tax from tax

(for example, line 6).

year attributable to NOLs other than the

shelter farm activities by taking into

losses described in 2a below, or

account any AMT adjustments and

Line 24—Alternative Tax Net

b. 90% of AMTI for the tax year

preferences. Determine tax shelter farm

Operating Loss Deduction

(figured without regard to the ATNOLD

activity gain or loss for the AMT using

and any domestic production activities

The ATNOLD is the sum of the

the same rules used for the regular tax

deduction, as discussed earlier), plus

alternative tax net operating loss

with the following modifications. No

(ATNOL) carryovers and carrybacks to

2. The smaller of:

refigured loss is allowed, except to the

the tax year, subject to the limitation

extent an estate or trust is insolvent (see

a. The sum of the ATNOL

explained below.

section 58(c)(1)). A refigured loss may

carrybacks and carryforwards to the tax

not be used in the current tax year to

year attributable to qualified disaster

The net operating loss (NOL) under

offset gains from other tax shelter farm

losses, qualified Gulf Opportunity Zone

section 172(c) is modified for alternative

activities. Instead, any refigured loss

losses, qualified recovery assistance

tax purposes by (a) taking into account

must be suspended and carried forward

losses, qualified disaster recovery

the adjustments made under sections

indefinitely until (a) the estate or trust

assistance losses, and any 2008 or

56 and 58 and (b) reducing the NOL by

has a gain in a subsequent tax year

2009 loss that you elected to carry back

any item of tax preference under section

from the same activity or (b) the activity

more than 2 years under section 172(b)

57. For an estate or trust that held a

is disposed of.

(1)(H), or

residual interest in a real estate

mortgage investment conduit (REMIC),

The AMT amount of any tax shelter

b. 100% of AMTI for the tax year

figure the ATNOLD without regard to

farm activity loss that isn't deductible

(figured without regard to the ATNOLD

any excess inclusion.

and is carried forward is likely to differ

and any domestic production activities

from the regular tax amount. Keep

deduction, as discussed earlier)

If this estate or trust is the beneficiary

adequate records for both the AMT and

reduced by the amount determined

of another estate or trust that terminated

regular tax.

under 1, above.

in 2017, include any ATNOL carryover

Enter the difference between the

that was reported in box 11, code E of

Enter on line 24 the smaller of the

amount that would be reported for the

Schedule K-1 (Form 1041).

ATNOLD or the ATNOLD limitation.

activity on Schedule E (Form 1040),

The estate's or trust's ATNOLD may

Supplemental Income and Loss, or

Any ATNOL not used may be carried

be limited. To figure the ATNOLD

Schedule F (Form 1040), Profit or Loss

back 2 years or forward up to 20 years.

limitation, first figure alternative

From Farming, for the AMT and the

In some cases, the carryback period is

minimum taxable income (AMTI) without

regular tax amount. If (a) the AMT loss

longer than 2 years; for details, see Pub.

regard to the ATNOLD and any

is more than the regular tax loss, (b) the

536, Net Operating Losses (NOLs) for

domestic production activities

AMT gain is less than the regular tax

Individuals, Estates, and Trusts.

deduction. For this purpose, figure a

gain, or (c) there is an AMT loss and a

tentative amount for line 6 of Schedule I

The treatment of ATNOLs doesn't

regular tax gain, then enter the

(Form 1041) by treating line 24 as if it

affect your regular tax NOL.

adjustment as a negative amount.

were zero. Then, figure a tentative total

Enter any adjustment for amounts

If you elected under section

by combining lines 1–23 of Schedule I

172(b)(3) to forego the

reported on Form 8949, Schedule D

(Form 1041) using the line 6 tentative

TIP

carryback period for regular tax

(Form 1041), Form 4684, or Form 4797

amount. Add any domestic production

purposes, the election will also apply for

for the activity on line 13 instead of

activities deduction to this tentative

the AMT.

line 23.

total. The ATNOLD limitation is 90% of

Biofuel producer credit and

the result.

Line 29—Estate's or Trust's

biodiesel and renewable diesel fuels

However, the 90% limit doesn't apply

credit. If the adjusted total income

Share of Alternative Minimum

to an ATNOL that is attributable to

(Form 1041, line 17) includes the

Taxable Income

qualified disaster losses (as defined in

amount of the biofuel producer credit or

section 172(j)), qualified Gulf

For an estate or trust that held a residual

biodiesel and renewable diesel fuels

Opportunity Zone losses as defined in

interest in a REMIC, line 29 may not be

credit, include that amount as a

section 1400N(k)(2), qualified recovery

less than the estate's or trust's share of

negative amount on line 23.

assistance losses (as defined in Pub.

the amount on Schedule E (Form 1040),

Related adjustments. AMT

4492-A, Information for Taxpayers

line 38, column (c). If that amount is

adjustments and tax preference items

Affected by the May 4, 2007, Kansas

larger than the amount you would

-6-

2017 Instructions for Schedule I (Form 1041)

Instructions For Schedule I (Form 1041) - Alternative Minimum Tax-Estates And Trusts - 2017 Page 6

Related Articles

Related forms

Related Categories