Formulár 1041 Plán I inštrukcie
Pokyny pre program I (Form 1041), Alternatívne minimálne daňové zvyšky a Trusts
Rev. 2023
Súvisiace formuláre
- Formulár 1041 Aktuality I - Alternatívne minimálne dane a Trusts
Department of the Treasury
Internal Revenue Service
2023
Instructions for Schedule I
(Form 1041)
Alternative Minimum Tax—Estates and Trusts
Section references are to the Internal Revenue Code unless
otherwise noted.
any general business credit and line 6 of Part I or line 3 of
Part III of the Form 3800 is more than zero.
Future Developments
Recordkeeping
For the latest information about developments related to
Schedule I and its instructions, such as legislation enacted
Schedule I (Form 1041) contains adjustments and tax
preference items that are treated differently for regular tax
and AMT purposes. If you, as fiduciary for the estate or trust,
completed a form to figure an item for regular tax purposes,
you may have to complete it a second time for AMT
purposes. Generally, the difference between the amounts on
the two forms is the AMT adjustment or tax preference item
to enter on Schedule I. Except for Form 1116, Foreign Tax
Credit (Individual, Estate, or Trust), any additional form
completed for AMT purposes doesn't have to be filed with
Form 1041.
What's New
AMT tax brackets. The threshold for the 28% AMT tax
bracket increased to amounts over $220,700.
AMT exemption amount and phaseout. The AMT
exemption amount increased to $28,400. The exemption
amount begins to be phased out at amounts over $94,600
and is completely phased out at $208,200.
Capital gains and qualified dividends. For tax year 2023,
the 20% maximum capital gains rate applies to estates and
trusts with income above $14,650. The 0% and 15% rates
continue to apply to certain threshold amounts. The 0% rate
applies to amounts up to $3,000. The 15% rate applies to
amounts over $3,000 and up to $14,650.
For regular tax purposes, some deductions and credits
may result in carrybacks or carryforwards to other tax years.
Examples are investment interest expense, a net operating
loss deduction (NOLD), a capital loss, and the foreign tax
credit. Because these items may be refigured for the AMT,
the carryback or carryforward amount may be different for
regular and AMT purposes. Therefore, you should keep
records of these different carryforward and carryback
amounts for the AMT and regular tax. The AMT carryforward
will be important in completing Schedule I for 2024.
General Instructions
Purpose of Schedule
Credit for Prior Year Minimum Tax
Use Schedule I (Form 1041) to figure:
Estates and trusts that paid AMT in 2022, or had a minimum
tax credit carryforward from the 2022 Form 8801, Credit for
Prior Year Minimum Tax—Individuals, Estates, and Trusts,
may be eligible for a minimum tax credit in 2023. See Form
8801.
The estate's or trust's alternative minimum taxable
income,
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The income distribution deduction on a minimum tax
basis, and
The estate's or trust's alternative minimum tax (AMT).
Partners and Shareholders
Electing Small Business Trusts (ESBTs). An ESBT must
figure the AMT for the S and non-S portions of the trust on
separate Schedules I (Form 1041). The Schedule I for each
portion includes only the income, deductions, and credits
attributable to that portion.
An estate or trust that is a partner in a partnership or a
shareholder in an S corporation must take into account its
share of items of income and deductions that enter into the
computation of its adjustments and tax preference items.
Who Must Complete Schedule I (Form
1041)
Allocation of Deductions to Beneficiaries
The distributable net alternative minimum taxable income
(DNAMTI) of the estate or trust doesn't include amounts of
depreciation, depletion, and amortization that are allocated to
the beneficiaries, just as the distributable net income of the
estate or trust doesn't include these items for regular tax
purposes.
Complete Parts I and II if the estate or trust is required to
complete Form 1041, Schedule B, Income Distribution
Deduction.
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Complete Schedule I if the estate's or trust's share of
alternative minimum taxable income (Part I, line 27)
exceeds $28,400.
Report separately in box 12 of Schedule K-1 (Form 1041),
Beneficiary's Share of Income, Deductions, Credits, etc., any
adjustments or tax preference items attributable to
Complete Schedule I if the estate or trust claims any
general business credit and line 6 of Part I or line 3 of
Part III of Form 3800, General Business Credit, is more
than zero.
accelerated depreciation (code G), depletion (code H), and
amortization (code I) that were allocated to the beneficiaries.
ESBTs. Complete Schedule I if the alternative minimum
taxable income (Part I, line 27) of the S portion of the
trust is more than zero or the S portion of the trust claims
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Nov 4, 2023
Cat. No. 51559W
income. See the instructions for line 7 for the definition of
specified private activity bonds.
Optional Write-Off for Certain Expenditures
There is no AMT adjustment for the following items if the
estate or trust elects to deduct them ratably over the period of
time shown for the regular tax.
Step 2. On line 2, enter the AMT disallowed investment
interest expense from 2022.
Circulation expenditures—3 years (section 173).
Research and experimental expenditures—10 years
(section 174(a)).
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Step 3. When completing Part II of the AMT Form 4952,
refigure gross income from property held for investment, any
net gain from the disposition of property held for investment,
net capital gain from the disposition of property held for
investment, and any investment expenses, taking into
account all AMT adjustments and tax preference items that
apply. Include any interest income and investment expenses
from private activity bonds issued after August 7, 1986.
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Intangible drilling costs—60 months (section 263(c)).
Mining exploration and development costs—10 years
(sections 616(a) and 617(a)).
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The election must be made in the year the expenditure
was made and may be revoked only with IRS consent. See
section 59(e) and Regulations section 1.59-1 for more
details.
When completing line 4g of the AMT Form 4952, enter the
smaller of:
The amount from line 4g of the regular tax Form 4952, or
The total of lines 4b and 4e of the AMT Form 4952.
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Specific Instructions
Step 4. Complete Part III.
ESBTs. Use a separate Schedule I (Form 1041) to
figure the AMT for the S portion of the trust. Add the
Enter on Schedule I (Form 1041), line 2, the difference
between line 8 of the AMT Form 4952 and line 8 of the
regular tax Form 4952. If the AMT deduction is greater, enter
the difference as a negative amount.
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CAUTION
notation “ESBT” to the top of the Schedule I and
attach it to the tax computation attachment for Form 1041.
See the ESBT Tax Worksheet in the Instructions for Form
1041.
Line 3—Taxes
Where these instructions refer to completing other forms
and worksheets, you must complete separate forms and
worksheets for the S and non-S portions of the trust. Where
necessary, add an “ESBT” notation at the top of the form or
worksheet to show it relates to the computation for the S
portion of the trust.
Enter any state or local real property taxes; state or local
personal property taxes; state and local general sales taxes;
and any state, local, or foreign income taxes that were
included on Form 1041, page 1, line 11.
Line 4—Refund of Taxes
Enter any refunds received in 2023 of taxes described for
line 3 above and included in income. Also, include foreign
real property taxes that were deducted in years prior to 2023,
but refunded in 2023 and included in income on Form 1041.
Part I—Estate's or Trust's Share of
Alternative Minimum Taxable Income
Line 1—Adjusted Total Income or (Loss)
Adjusted total income or (loss) (from Form 1041, line 17, or
ESBT Tax Worksheet, line 13). See the ESBT Tax Worksheet
in the Instructions for Form 1041.
Line 5—Depletion
Refigure the depletion deduction for AMT purposes by using
only the income and deductions allowed for the AMT when
refiguring the limit based on taxable income from the property
under section 613(a) and the limit based on taxable income,
with certain adjustments, under section 613A(d)(1). Also, the
depletion deduction for mines, wells, and other natural
deposits under section 611 is limited to the property's
adjusted basis at the end of the year, as refigured for the
AMT, unless the estate or trust is an independent producer or
royalty owner claiming percentage depletion for oil and gas
wells. Figure this limit separately for each property. When
refiguring the property's adjusted basis, take into account any
AMT adjustments made this year or in previous years that
affect basis (other than the current year's depletion).
Note. The section 199A deduction isn’t included in the
amount reported on line 1. To figure your adjusted alternative
minimum taxable income, any section 199A deduction taken
on Form 1041, line 20, must be included as a negative
Line 2—Interest
In determining the alternative minimum taxable income,
qualified residence interest (other than qualified housing
interest defined in section 56(e)) isn't allowed.
If you completed Form 4952, Investment Interest Expense
Deduction, for regular tax purposes, you may have an
adjustment on this line. Refigure your investment interest
expense on a separate AMT Form 4952 as follows.
Step 1. On line 1 of the AMT Form 4952, follow the
instructions for that line, but also include the following
amounts.
Enter on line 5 the difference between the regular tax and
AMT deduction. If the AMT deduction is more than the
regular tax deduction, enter the difference as a negative
amount.
Line 6—Net Operating Loss Deduction
Enter any NOLD from line 15b of page 1 of the Form 1041 as
a positive amount.
Any qualified residence interest (other than qualified
housing interest) that was paid or accrued on a loan or
part of a loan that is allocable to property held for
investment as defined in section 163(d)(5) (for example,
interest on a home equity loan whose proceeds were
invested in stocks or bonds).
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Line 7—Interest From Specified Private Activity
Bonds Exempt From the Regular Tax
Enter the interest earned from specified private activity bonds
reduced (but not below zero) by any deduction that would
have been allowable if the interest were includible in gross
Any interest that would have been deductible if interest
on specified private activity bonds had been included in
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2023 Instructions for Schedule I (Form 1041)
income for regular tax purposes. Each payer of this type of
interest should send a Form 1099-INT, Interest Income, to the
estate or trust showing the amount of this interest in box 9.
Generally, specified private activity bonds are any qualified
bonds (as defined in section 141) issued after August 7,
1986, and before 2009 or after 2010, the interest on which
isn't includible in gross income for the regular tax. See
section 57(a)(5) for more information.
Line 10—Other Estates and Trusts
If the estate or trust is the beneficiary of another estate or
trust, enter the adjustment for minimum tax purposes from
box 12, code A, Schedule K-1 (Form 1041).
ESBTs. Enter an amount on this line only if the S corporation
was a beneficiary of an estate or trust, received a
Schedule K-1 (Form 1041) from the estate or trust with an
entry in box 12, code A, and the S corporation allocated a
portion of the box 12, code A, amount to the ESBT. See
Schedule K-1 (Form 1120-S), box 15, code F.
Don’t include interest on qualified New York Liberty Bonds,
qualified Gulf Opportunity Zone bonds, qualified Midwestern
disaster area bonds, or qualified Hurricane Ike disaster area
bonds.
Line 11—Disposition of Property
Use this line to report any AMT adjustment related to the
disposition of property resulting from refiguring:
Exempt-interest dividends paid by a regulated investment
company are treated as interest from specified private activity
bonds to the extent the dividends are attributable to interest
on the bonds received by the company, minus an allocable
share of the expenses paid or incurred by the company in
earning the interest. This amount should also be reported to
the estate or trust on Form 1099-DIV in box 13.
1. Gain or loss from the sale, exchange, or involuntary
conversion of property reported on Form 4797, Sales of
Business Property;
2. Casualty gain or loss to business or income-producing
property reported on Form 4684, Casualties and Thefts;
Line 8—Qualified Small Business Stock
3. Ordinary income from the disposition of property not
taken into account in 1 or 2 above or on any other line on
Schedule I (Form 1041), such as a disqualifying
disposition of stock acquired in a prior year by exercising
an incentive stock option; and
If the estate or trust claimed the exclusion under section 1202
for gain on qualified small business stock acquired before
September 28, 2010, and held more than 5 years, multiply
the excluded gain (as shown on Form 8949 in column (g)) by
7% (0.07). Enter the result on line 8 as a positive amount.
4. Capital gain or loss (including any carryover that is
different for the AMT) reported on Form 8949, Sales and
Other Dispositions of Capital Assets, or Schedule D
(Form 1041), Capital Gains and Losses.
Line 9—Exercise of Incentive Stock Options
For regular tax purposes, no income is recognized when an
incentive stock option (as defined in section 422(b)) is
exercised. However, this rule doesn't apply for AMT
purposes. Instead, the estate or trust must generally include
on line 9 the excess, if any, of:
The $3,000 capital loss limitation for the regular
tax applies separately for the AMT.
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CAUTION
1. The fair market value (FMV) of the stock acquired
through exercise of the option (determined without
regard to any lapse restriction) when its rights in the
acquired stock first become transferable or when these
rights are no longer subject to a substantial risk of
forfeiture, over
First, figure any ordinary income adjustment related to 3,
earlier. Then, refigure Form 4684, Form 4797, Form 8949,
and Schedule D (Form 1041) for the AMT, if applicable, by
taking into account any adjustments you made this year or in
previous years that affect the estate's or trust's basis or
otherwise result in a different amount for AMT. When you
refigure your gain or loss on Form 8949 for AMT, the amount
of gain you elected to defer for regular tax purposes due to an
investment in a qualified opportunity fund may need to be
adjusted on your AMT Form 8949. An adjustment may be
required if the regular tax and AMT adjusted basis of the
property you sold prior to your investment is different.
2. The amount paid for the stock, including any amount
paid for the option used to acquire the stock.
Even if the estate's or trust's rights in the stock aren't
transferable and are subject to a substantial risk of
forfeiture, you may elect to include in AMT income
TIP
the excess of the stock's FMV (determined without regard to
any lapse restriction) over the exercise price upon the transfer
to the estate or trust of the stock acquired through exercise of
the option. See section 83(b) for more details. The election
must be made no later than 30 days after the date of transfer.
If the estate or trust has a capital loss after refiguring
Schedule D for the AMT, apply the $3,000 capital loss
limitation separately to the AMT loss. For each of the four
items listed above, figure the difference between the amount
included in taxable income for the regular tax and the amount
included in income for the AMT. Treat the difference as a
negative amount if (a) both the AMT and regular tax amounts
are zero or more and the AMT amount is less than the regular
tax amount, or (b) the AMT amount is a loss, and the regular
tax amount is a smaller loss, or zero or more.
If the estate or trust acquired stock by exercising an option
and it disposed of that stock in the same year, the tax
treatment under the regular tax and the AMT is the same,
and no adjustment is required.
Increase the AMT basis of any stock acquired through the
exercise of an incentive stock option by the amount of the
adjustment.
Enter on line 11 the combined adjustments for the four
items, earlier.
Note. If a Form 3921, Exercise of an Incentive Stock Option
Under Section 422(b), was received, it may help you figure
the adjustment.
Line 12—Depreciation on Assets Placed in
Service After 1986
This section describes when depreciation must be refigured
for the AMT and how to figure the amount to enter on line 12.
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2023 Instructions for Schedule I (Form 1041)
Don’t include on this line any depreciation adjustment
Property depreciated under the unit-of-production
method or any other method not expressed in a term of
years.
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from:
An activity for which the estate or trust isn't at risk or
income or loss from a partnership or an S corporation if
the basis limitations under section 704(d) or 1366(d)
apply. Take this adjustment into account on line 14;
A tax shelter farm activity. Take this adjustment into
account on line 21; or
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Qualified Indian reservation property.
A natural gas gathering line placed in service after April
11, 2005.
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How is depreciation refigured for the AMT? See
methods below.
Property placed in service before 1999. Refigure
depreciation for the AMT using ADS with the same
convention used for the regular tax. See the table below for
the method and recovery period to use.
A passive activity. Take this adjustment into account on
line 13.
What depreciation must be refigured for the AMT?
Generally, you must refigure depreciation for the AMT,
including depreciation allocable to inventory costs, for:
Property placed in service after 1998 that is depreciated
for the regular tax using the 200% declining balance
method (generally 3-, 5-, 7-, or 10-year property under
the modified accelerated cost recovery system
(MACRS), except for certain qualified property eligible for
the special depreciation allowance (discussed later));
Section 1250 property placed in service after 1998 that
isn't depreciated for the regular tax using the straight line
method; and
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Property Placed in Service Before 1999
IF the property is...
THEN use the...
section 1250 property
straight line method over 40 years.
tangible property (other than
straight line method over the
section 1250 property) depreciated property's AMT class life.
using the straight line method for
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the regular tax
any other tangible property
150% declining balance method,
switching to the straight line method
the first tax year it gives a larger
deduction, over the property's AMT
class life.
Tangible property placed in service after 1986 and before
1999. If the transitional election was made under section
203(a)(1)(B) of the Tax Reform Act of 1986, this rule
applies to property placed in service after July 31, 1986.
What depreciation isn't refigured for the AMT? Don’t
refigure depreciation for the AMT for the following items.
Property placed in service after 1998. Use the same
convention and recovery period used for the regular tax. For
property other than section 1250 property, use the 150%
declining balance method, switching to the straight line
method the first tax year it gives a larger deduction. For
section 1250 property, use the straight line method.
How is the AMT class life determined? The class life
used for the AMT isn't necessarily the same as the recovery
period used for the regular tax. The class lives for the AMT
are listed in Rev. Proc. 87-56, 1987-2 C.B. 674, and in Pub.
946, How To Depreciate Property. Use 12 years for any
tangible personal property not assigned a class life.
Residential rental property placed in service after 1998.
Nonresidential real property with a class life of 27.5 years
or more placed in service after 1998 that is depreciated
for the regular tax using the straight line method.
Other section 1250 property placed in service after 1998
that is depreciated for the regular tax using the straight
line method.
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Property (other than section 1250 property) placed in
service after 1998 that is depreciated for the regular tax
using the 150% declining balance method or the straight
line method.
Property for which you elected to use the alternative
depreciation system (ADS) of section 168(g) for the
regular tax.
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See Pub. 946 for optional tables that can be used to
figure AMT depreciation. Rev. Proc. 89-15, 1989-1
C.B. 816, has special rules for short tax years and for
TIP
Qualified property that is or was eligible for the special
depreciation allowance if the depreciable basis of the
property for the AMT is the same as for the regular tax.
This applies to any special depreciation allowance,
including those for disaster assistance property, reuse
and recycling property, cellulosic biofuel plant property,
second generation biofuel plant property, New York
Liberty Zone property, Gulf Opportunity Zone property,
and Kansas disaster area recovery assistance property.
The special allowance is deductible for the AMT, and
there is also no adjustment required for any depreciation
figured on the remaining basis of the qualified property if
the depreciable basis of the property for the AMT is the
same as for the regular tax. Property for which an
election is in effect to not have the special allowance
apply isn't qualified property. In addition, if you elect not
to have any special depreciation allowance apply, the
property may be subject to an AMT adjustment for
depreciation if it was placed in service before 2016. It is
not subject to an AMT adjustment for depreciation if it
was placed in service after 2015.
property disposed of before the end of the recovery period.
How is the line 12 adjustment figured? Subtract the AMT
deduction for depreciation from the regular tax deduction and
enter the result. If the AMT deduction is more than the regular
tax deduction, enter the difference as a negative amount.
In addition to the AMT adjustment to your deduction for
depreciation, you must also adjust the amount of
depreciation that was capitalized, if any, to account for the
difference between the rules for the regular tax and the AMT.
Include on this line the current year adjustment to taxable
income, if any, resulting from the difference.
Line 13—Passive Activities
Don’t enter again elsewhere on this schedule any
AMT adjustment or tax preference item included on
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CAUTION
this line.
For AMT purposes, the rules described in section 469
apply, except that in applying the limitations, minimum tax
rules apply.
Motion picture films, videotapes, or sound recordings.
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2023 Instructions for Schedule I (Form 1041)
Refigure passive activity gains and losses on an AMT
basis. Refigure a passive activity gain or loss by taking into
account all AMT adjustments or tax preference items that
pertain to that activity.
Note. Contracts described in section 460(e)(1)(B) are
subject to the simplified method of cost allocation of section
460(b)(4).
Enter the difference between the AMT and regular tax
income. If the AMT income is smaller, enter the difference as
a negative amount.
You may complete a second Form 8582, Passive Activity
Loss Limitations, to determine the passive activity losses
allowed for AMT purposes, but don't send this AMT Form
8582 to the IRS.
Line 17—Mining Costs
Don’t make this adjustment for costs for which you
Enter the difference between the loss reported for regular
tax purposes and the AMT loss, if any.
elected the optional 10-year write-off period under
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CAUTION
section 59(e) for regular tax purposes.
The amount of any passive activity loss that isn't
Expenditures for the development or exploration of a mine
or certain other mineral deposits (other than an oil, gas, or
geothermal well) deducted under sections 616(a) and 617(a)
for regular tax purposes must be amortized for AMT
purposes over 10 years beginning with the year the
expenditures were paid or incurred.
deductible (and is therefore carried forward) for AMT
purposes is likely to differ from the amount (if any)
TIP
that is carried forward for regular tax purposes. Therefore, it is
essential that you retain adequate records for both AMT and
regular tax purposes.
Publicly traded partnerships (PTPs). If the estate or trust
had a loss from a PTP, refigure the loss using any AMT
adjustments, tax preference items, and any AMT prior year
unallowed loss.
Enter the difference between the amount allowed for AMT
purposes and the amount allowed for regular tax purposes. If
the amount allowed for AMT purposes exceeds the amount
deducted for regular tax purposes, enter the difference as a
negative amount.
Line 14—Loss Limitations
If the estate or trust had a loss on property for which
mining expenditures haven't been fully amortized for the
AMT, the AMT deduction is the smaller of (a) the amount of
the loss allowable for the expenditures had they remained
capitalized, or (b) the remaining expenditures to be amortized
for the AMT.
If the loss is from a passive activity, use line 13
instead. If the loss is from a tax shelter farm activity
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CAUTION
(that isn't passive), use line 21.
Refigure your allowable losses for AMT purposes from
activities for which you aren't at risk and basis limitations
applicable to interests in partnerships and stock in S
corporations by taking into account your AMT adjustments
and tax preference items. See sections 59(h), 465, 704(d),
and 1366(d).
Line 18—Research and Experimental Costs
Don’t make this adjustment for costs paid or incurred
in connection with an activity in which the estate or
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CAUTION
Enter the difference between the loss reported for regular
tax purposes and the AMT loss. If the AMT loss is more than
the loss reported for regular tax purposes, enter the
adjustment as a negative amount.
trust materially participated under the passive activity
rules or for costs for which you elected the optional 10-year
write-off for research and experimental expenditures under
section 59(e) for regular tax purposes.
Research and experimental expenditures deducted under
section 174(a) for regular tax purposes must generally be
amortized for AMT purposes over 10 years beginning with
the year the expenditures were paid or incurred.
Line 15—Circulation Costs
Don’t make this adjustment for expenditures for
which you elected the optional 3-year write-off period
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CAUTION
for regular tax purposes.
Enter the difference between the amount allowed for AMT
purposes and the amount allowed for regular tax purposes. If
the amount for AMT purposes exceeds the amount allowed
for regular tax purposes, enter the difference as a negative
amount.
Circulation expenditures deducted under section 173(a)
for regular tax purposes must be amortized for AMT
purposes over 3 years beginning with the year the
expenditures were paid or incurred.
Enter the difference between the regular tax and AMT
deduction. If the AMT deduction is greater, enter the
difference as a negative amount.
If the estate or trust had a loss on property for which
research and experimental costs haven't been fully amortized
for the AMT, the AMT deduction is the smaller of (a) the loss
allowable for the costs had they remained capitalized, or (b)
the remaining costs to be amortized for the AMT.
If the estate or trust had a loss on property for which
circulation expenditures haven't been fully amortized for the
AMT, the AMT deduction is the smaller of (a) the amount of
the loss allowable for the expenditures had they remained
capitalized, or (b) the remaining expenditures to be amortized
for the AMT.
Line 19—Income From Certain Installment Sales
Before January 1, 1987
The installment method doesn't apply for AMT purposes to
any nondealer disposition of property that occurred after
August 16, 1986, but before the first day of your tax year that
began in 1987, if an installment obligation to which the
proportionate disallowance rule applied arose from the
disposition. Enter on line 19 the amount of installment sale
income that was reported for regular tax purposes.
Line 16—Long-Term Contracts
For AMT purposes, the percentage of completion method of
accounting described in section 460(b) must generally be
used. However, this rule doesn't apply to any home
construction contract (as defined in section 460(e)(6)).
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2023 Instructions for Schedule I (Form 1041)
amount separately for each property and include on
line 21 only positive amounts.
Line 20—Intangible Drilling Costs (IDCs)
Preference
For leased personal property other than recovery
property, enter the amount by which the regular tax
depreciation using the pre-1987 rules exceeds the
depreciation allowable using the straight line method. For
leased 10-year recovery property and leased 15-year
public utility property, enter the amount by which the
depreciation deduction determined for regular tax
purposes is more than the deduction allowable using the
straight line method with a half-year convention, no
salvage value, and a recovery period of 15 years (22
years for 15-year public utility property). Figure this
amount separately for each property and include on
line 21 only positive amounts.
Don’t make this adjustment for costs for which you
elected the optional 60-month write-off under section
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CAUTION
59(e) for regular tax purposes.
IDCs from oil, gas, and geothermal wells are a preference
to the extent that the excess IDCs exceed 65% of the net
income from the wells. Figure the preference for all oil and
gas properties separately from the preference for all
geothermal properties.
Figure excess IDCs as follows.
1. Determine the amount of the estate's or trust's IDCs
allowed for the regular tax under section 263(c), but
don’t include any section 263(c) deduction for
nonproductive wells, then
Amortization of pollution control facilities. The
amortization deduction under section 169 must be
refigured for the AMT. For facilities placed in service after
1986 and before 1999, figure the amortization deduction
for the AMT using the ADS described in section 168(g).
For facilities placed in service after 1998, figure the AMT
deduction under MACRS using the straight line method.
Enter the difference between the regular tax and AMT
deduction. If the AMT amount is greater, enter the
difference as a negative amount.
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2. Subtract the amount that would have been allowed had
you amortized these IDCs over a 120-month period
starting with the month the well was placed in
production.
Cost depletion can be substituted for the amount
allowed using amortization over 120 months.
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CAUTION
Tax shelter farm activities. Figure this adjustment only
if the tax shelter farm activity (as defined in section 58(a)
(2)) isn't a passive activity. If the activity is passive,
include it with any other passive activities on line 13.
Net income. Determine net income by reducing the gross
income that the estate or trust received or accrued during the
tax year from all oil, gas, and geothermal wells by the
deductions allocable to those wells (reduced by the excess
IDCs). When refiguring net income, use only income and
deductions allowed for the AMT.
Exception. The preference for IDCs from oil and gas wells
doesn't apply to taxpayers who are independent producers
(that is, not integrated oil companies as defined in section
291(b)(4)). However, this benefit may be limited. First, figure
the IDC preference as if this exception didn't apply. For
purposes of this exception, complete and combine lines 1
through 21, including the IDC preference. If the amount of the
IDC preference exceeds 40% of the total of lines 1 through
21, enter the excess on line 20 (the benefit of this exception
is limited). Otherwise, don’t enter an amount on line 20 (the
estate's or trust's benefit from this exception isn't limited).
Refigure all gains and losses reported for the regular
tax from tax shelter farm activities by taking into account
any AMT adjustments and preferences. Determine tax
shelter farm activity gain or loss for the AMT using the
same rules used for the regular tax with the following
modifications. No refigured loss is allowed, except to the
extent an estate or trust is insolvent (see section 58(c)
(1)). A refigured loss may not be used in the current tax
year to offset gains from other tax shelter farm activities.
Instead, any refigured loss must be suspended and
carried forward indefinitely until (a) the estate or trust has
a gain in a subsequent tax year from the same activity, or
(b) the activity is disposed of.
The AMT amount of any tax shelter farm activity loss
that isn't deductible and is carried forward is likely to
differ from the regular tax amount. Keep adequate
records for both the AMT and regular tax.
Enter the difference between the amount that would
be reported for the activity on Schedule E (Form 1040),
Supplemental Income and Loss, or Schedule F (Form
1040), Profit or Loss From Farming, for the AMT and the
regular tax amount. If (a) the AMT loss is more than the
regular tax loss, (b) the AMT gain is less than the regular
tax gain, or (c) there is an AMT loss and a regular tax
gain, then enter the adjustment as a negative amount.
Line 21—Other Adjustments
Enter on line 21 the total of any other adjustments that apply,
including the following.
Section 199A deduction. Include as a negative amount
on line 21 the section 199A deduction shown on Form
1041, line 20.
•
ESBTs. Don't include any section 199A
deduction taken on line 11, Qualified business
!
CAUTION
income deduction (S portion), of your ESBT Tax
Worksheet on line 21 when figuring your adjusted
alternative minimum taxable income for the S portion of
your trust. This amount is already included on line 1,
Adjusted total income or (loss), from line 13 of your ESBT
Tax Worksheet.
Enter any adjustment for amounts reported on Form
8949, Schedule D (Form 1041), Form 4684, or Form
4797 for the activity on line 11 instead of line 21.
Biofuel producer credit and biodiesel and
renewable diesel fuels credit. If the adjusted total
income (Form 1041, line 17) includes the amount of the
biofuel producer credit or biodiesel and renewable diesel
fuels credit, include that amount as a negative amount on
line 21.
•
•
Depreciation figured using pre-1987 rules. For AMT
purposes, use the straight line method to figure
depreciation on real property. Use a recovery period of
19 years for 19-year real property and 15 years for
low-income housing. Enter the excess of depreciation
claimed for regular tax purposes over depreciation
refigured using the straight line method. Figure this
•
Related adjustments. AMT adjustments and tax
preference items may affect deductions that are based
-6-
2023 Instructions for Schedule I (Form 1041)
on an income limit other than adjusted gross income
(AGI) or modified AGI (for example, farm conservation
expenses). Refigure these deductions using the income
limit as modified for the AMT. Include the difference
between the regular tax and AMT deduction on line 21. If
the AMT deduction is more than the regular tax
a. The sum of the ATNOL carrybacks and
carryforwards to the tax year attributable to qualified
disaster losses, qualified Gulf Opportunity Zone
losses, qualified recovery assistance losses,
qualified disaster recovery assistance losses, and
any 2008 or 2009 loss that you elected to carry back
more than 2 years under section 172(b)(1)(H); or
deduction, include the difference as a negative amount.
Don’t make an adjustment on line 21 for an item you
refigured on another line of Schedule I (for example,
b. 100% of AMTI for the tax year (figured without regard
to the ATNOLD) reduced by the amount determined
under 1 above.
!
CAUTION
line 5).
Enter on line 22 the smaller of the ATNOLD or the
ATNOLD limitation.
Business interest limitation. Complete an AMT Form
8990 using amounts adjusted for AMT. Enter the difference
between the AMT and regular tax allowable interest expense.
If line 30 of the AMT Form 8990 is more than the amount on
line 30 of the regular tax Form 8890, enter the difference as a
negative amount.
Any ATNOL not used may generally be carried back 2
years or forward up to 20 years if it arose before your 2018
tax year. Any ATNOL arising after your 2020 tax year may
generally be carried forward indefinitely. For more information
about carryover periods and special rules for 2018 through
2020 losses, see Pub. 536, Net Operating Losses (NOLs) for
Individuals, Estates, and Trusts.
Line 22—Alternative Tax Net Operating Loss
Deduction (ATNOLD)
The ATNOLD is the sum of the alternative tax net operating
loss (ATNOL) carryovers and carrybacks to the tax year,
subject to the limitation explained below.
The net operating loss (NOL) under section 172(c) is
modified for alternative tax purposes by (a) taking into
account the adjustments made under sections 56 and 58,
and (b) reducing the NOL by any item of tax preference under
section 57. For an estate or trust that held a residual interest
in a real estate mortgage investment conduit (REMIC), figure
the ATNOLD without regard to any excess inclusion.
The treatment of ATNOLs doesn't affect your regular tax
NOL.
If you elected under section 172(b)(3) to forego the
carryback period for regular tax purposes, the
election will also apply for the AMT.
TIP
Line 27—Estate's or Trust's Share of Alternative
Minimum Taxable Income
For an estate or trust that held a residual interest in a REMIC,
line 27 may not be less than the estate's or trust's share of
the amount on Schedule E (Form 1040), line 38, column (c).
If that amount is larger than the amount you would otherwise
enter on line 27, enter that amount instead and write “Sch. Q”
on the dotted line next to line 27.
If this estate or trust is the beneficiary of another estate or
trust that terminated in 2023, include any ATNOL carryover
that was reported in box 11, code F, of Schedule K-1 (Form
1041).
The estate's or trust's ATNOLD may be limited. To figure
the ATNOLD limitation, first figure alternative minimum
taxable income (AMTI) without regard to the ATNOLD. For
this purpose, figure a tentative amount for line 5 of Schedule I
(Form 1041) by treating line 22 as if it were zero. Then, figure
a tentative total by combining lines 1–21 of Schedule I (Form
1041) using the line 5 tentative amount. The ATNOLD
limitation is 90% of the result.
ESBTs. Enter the amount from line 27 on line 49, and go to
line 50.
Part II—Income Distribution
Deduction on a Minimum Tax Basis
ESBTs. Do not complete Part II.
!
However, the 90% limit doesn't apply to an ATNOL that is
attributable to qualified disaster losses (as defined in section
172(j)), qualified Gulf Opportunity Zone losses (as defined in
section 1400N(k)(2)), qualified recovery assistance losses
(as defined in Pub. 4492-A, Information for Taxpayers
Affected by the May 4, 2007, Kansas Storms and
CAUTION
Line 28—Adjusted Alternative Minimum Taxable
Income
The section 199A deduction is not included in the
distributable net alternative minimum taxable income
Tornadoes), qualified disaster recovery assistance losses (as
defined in Pub. 4492-B, Information for Affected Taxpayers in
the Midwestern Disaster Areas) or a 2008 or 2009 loss that
you elected to carry back more than 2 years under section
172(b)(1)(H). If an ATNOL that is carried back or carried
forward to a tax year is attributable to any of those losses, the
ATNOLD for the tax year is limited to the sum of:
!
CAUTION
(DNAMTI). The section 199A deduction must be
added back to the amount from line 23, Schedule I (Form
1041), to calculate the income distribution deduction on a
minimum tax basis.
Generally, enter on line 28, Schedule I, the amount from
line 23, Schedule I, plus the amount of the section 199A
deduction, if any. However, if Form 1041, page 1, line 4, and
line 23, Schedule I (after adding back the section 199A
deduction) are losses, enter on line 28 the smaller of those
losses. If Form 1041, line 4, is zero or a gain and line 23,
Schedule I, is a loss (after adding back the section 199A
deduction), enter zero on line 28.
1. The smaller of:
a. The sum of the ATNOL carrybacks and
carryforwards to the tax year attributable to NOLs
other than the losses described in 2a below; or
b. 90% of AMTI for the tax year (figured without regard
to the ATNOLD), plus
2. The smaller of:
-7-
2023 Instructions for Schedule I (Form 1041)
proportion of expenses indirectly allocable to both
tax-exempt income and other income must be allocated to
each class of income.
Line 29—Adjusted Tax-Exempt Interest
To figure the adjusted tax-exempt interest (including
exempt-interest dividends received as a shareholder in a
mutual fund or other regulated investment company),
subtract the total of any:
Line 42—Income Distribution Deduction on a
Minimum Tax Basis
1. Tax-exempt interest from Form 1041, Schedule A, line 2,
figured for AMT purposes; and
Allocate the income distribution deduction figured on a
minimum tax basis among the beneficiaries in the same
manner as income was allocated for regular tax purposes.
You need the allocated income distribution deduction figured
on a minimum tax basis to figure the beneficiary's adjustment
for minimum tax purposes, as explained under Box
12—Alternative minimum tax (AMT) items in the
2. Section 212 expenses allowable for AMT purposes
allocable to tax-exempt interest, from the amount of
tax-exempt interest received.
Don’t subtract any deductions reported on lines 2 and 3,
Schedule I (Form 1041).
Schedule K-1 instruction section of the Instructions for Form
1041 and Schedules A, B, G, J, and K-1.
Section 212 expenses that are directly allocable to
tax-exempt interest are allocated only to tax-exempt interest.
A reasonable proportion of section 212 expenses that are
indirectly allocable to both tax-exempt interest and other
income must be allocated to each class of income.
Part III—Alternative Minimum Tax
Computation
Line 50—Tentative Minimum Tax Rate
If line 49 is $220,700 or less, multiply line 49 by 26% (0.26).
Otherwise, multiply line 49 by 28% (0.28) and subtract
$4,414 from the result.
Line 31
Reduce the amount on line 31 by any allocable section 1202
exclusion (as refigured for AMT purposes).
Line 32
Note. Go to Part IV of Schedule I to figure line 50 if the
estate or trust has qualified dividends or has a gain on lines
18a and 19 of column (2) of Schedule D (Form 1041) (as
refigured for the AMT, if necessary).
Enter any capital gains that were paid or permanently set
aside for charitable purposes from the current year's income
included on line 1 of Form 1041, Schedule A. Reduce the
amount on line 32 by any allocable section 1202 exclusion
(as refigured for AMT purposes).
Line 51—Alternative Minimum Foreign Tax
Credit
Lines 33 and 34
Capital gains and losses must take into account any basis
adjustments from Schedule I (Form 1041), Part I, line 11.
To see if you need to figure the estate's or trust's
AMT foreign tax credit, fill in line 53 of Schedule I
(Form 1041) as instructed. If the amount on line 53 is
TIP
greater than or equal to the amount on line 50, the estate or
trust doesn't owe the AMT. Enter zero on line 54 and see
Who Must Complete, earlier, to find out if you must file
Schedule I with Form 1041. However, even if the estate or
trust doesn't owe AMT, you may need to complete line 51 to
see if you have an AMT foreign tax credit carryback or
carryforward to other tax years.
Line 39—Adjustment for Tax-Exempt Income
In figuring the income distribution deduction on a minimum
tax basis, the estate or trust isn't allowed a deduction for any
item of DNAMTI (line 35) that isn't included in the gross
income of the estate or trust figured on an AMT basis. Thus,
for purposes of figuring the allowable income distribution
deduction on a minimum tax basis, the DNAMTI is figured
without regard to any tax-exempt interest (except for amounts
from line 7).
To figure the AMT foreign tax credit, follow the steps
discussed below.
Step 1. Complete and attach a separate AMT Form 1116,
with the notation “Alt Min Tax” at the top for each separate
limitation category specified at the top of Form 1116.
If tax-exempt interest is the only tax-exempt income
included in the total distributions (line 38), and the DNAMTI
(line 35) is less than or equal to line 38, then enter on line 39
the amount from line 29.
Note. When applying the separate limitation categories, use
the applicable AMT rate instead of the regular tax rate to
determine if any income is “high-taxed.”
If tax-exempt interest is the only tax-exempt income
included in the total distributions (line 38), and the DNAMTI is
more than line 38 (that is, the estate or trust made a
distribution that is less than the DNAMTI), then figure the
adjustment by multiplying line 29 by a fraction, the numerator
of which is the total distributions (line 38), and the
denominator of which is the DNAMTI (line 35). Enter the
result on line 39.
Step 2. If you (on behalf of the estate or trust) previously
discussed later), skip Part I and enter on the AMT Form
1116, line 17, the same amount you entered on that line for
the regular tax. If you didn't complete Form 1116 for the
regular tax and you previously made or are making the
simplified limitation election (on behalf of the estate or trust),
complete Part I and lines 15 through 17 of the AMT Form
1116 using regular tax amounts.
If line 38 includes tax-exempt income other than
tax-exempt interest (except for amounts from line 7), figure
line 39 by subtracting the total expenses allocable to
tax-exempt income that are allowable for AMT purposes from
tax-exempt income included on line 38.
If the election doesn't apply, complete Part I using only
income and deductions allowed for the AMT that are
attributable to sources outside the United States. If the estate
or trust has any foreign source qualified dividends or foreign
Expenses that are directly allocable to tax-exempt income
are allocated only to tax-exempt income. A reasonable
-8-
2023 Instructions for Schedule I (Form 1041)
source capital gains or losses, use the instructions under
Step 3 below to determine whether you must make
adjustments to those amounts before you include the
amounts on line 1a or line 5 of the AMT Form 1116.
Step 3. Follow the instructions below, if applicable, to
determine the amount of foreign source qualified dividends
and foreign source capital gains and losses to include on
line 1a and line 5 of the AMT Form 1116.
Foreign qualified dividends. You must adjust the
estate's or trust's foreign source qualified dividends before
you include those amounts on line 1a of the AMT Form 1116
if:
rules described earlier (or if the estate or trust had foreign
source qualified dividends, you wouldn’t have been
required to make those adjustments).
Schedule D (Form 1041), line 18a, column (2), or line 19,
column (2), as refigured for the AMT if necessary, is zero
or a loss.
•
•
•
On the AMT Schedule D Tax Worksheet for Form 1041,
(a) line 17a is zero, (b) line 9 is zero, or (c) line 42 is equal
to or greater than line 43.
On the AMT Part V of Schedule D (Form 1041), (a)
line 22 of that AMT Part V minus the amount on Form
4952, line 4e, that you elected to include on Form 4952,
line 4g, is zero or less, (b) line 27 of that AMT Part V of
Schedule D (Form 1041) is zero; or (c) line 43 of that
AMT Part V is equal to or greater than line 44.
Line 60 of Schedule I (Form 1041) is greater than zero,
Line 81 of Schedule I (Form 1041) is smaller than line 82,
and
•
•
Use Worksheet B if you:
The exception for foreign qualified dividends below
doesn't apply.
•
•
Can’t use Worksheet A,
•
•
Have foreign source capital gains and losses in no more
than two separate categories,
But, you don’t need to make any adjustments if:
The estate or trust qualifies for the adjustment exception
under Qualified Dividends Tax Worksheet (Estates and
Trusts) or Schedule D Filers in the Instructions for Form
1116, and
Didn’t have any item of unrecaptured section 1250 gain
or any item of 28% rate gain or loss for either regular tax
or AMT, and
•
Didn’t have any capital gains taxed at a rate of 0% or
20%.
•
Line 60 of Schedule I (Form 1041) isn't more than
$220,700.
•
Instructions for Worksheets A and B. When you
complete Worksheet A or Worksheet B, use foreign source
capital gains and losses as refigured for the AMT, if
Note. Use the estate's or trust's capital gains and losses as
refigured for the AMT to determine whether your total
amounts are less than the $20,000 threshold under the
adjustment exception.
To adjust foreign source qualified dividends, multiply the
estate's or trust's foreign source qualified dividends in each
separate category by 0.5357 if the foreign source qualified
dividends are taxed at a rate of 15%. Include the results on
line 1a of the AMT Form 1116.
If they are taxed at a rate of 20%, multiply your foreign
source qualified dividends in each separate category by
0.7143. Include the results on line 1a of the AMT Form 1116.
You adjust the estate's or trust's foreign source qualified
dividends taxed at the 0% rate by not including them on
line 1a of Form 1116. Amounts taxed at the 0% rate are on
line 8 of the Qualified Dividends Tax Worksheet in the
Instructions for Form 1041, line 30, of Schedule D (Form
1041), or line 19 of the Schedule D Tax Worksheet in the
Instructions for Schedule D (Form 1041).
necessary, and don’t use any foreign source capital gains
that you elected to include on line 4g of the AMT Form 4952.
If you must complete a Schedule D (Form 1041) for the AMT,
use line 19 of that AMT Schedule D (Form 1041) to complete
line 3 of Worksheet A or line 4 of the Line 2 Worksheet (For
Line 2 of Worksheet B). Use 0.5357 instead of the number
used for regular tax to complete lines 11, 13, and 15 of
Worksheet B and to complete lines 8, 11, and 17 of the
Line 15 Worksheet (For Line 15 of Worksheet B).
If the estate or trust doesn't qualify to use Worksheet A or
Worksheet B, use the instructions for Capital Gains and
Losses in Pub. 514 to determine the adjustments you make.
When using the instructions in Pub. 514 to determine if you
must adjust foreign source capital gains and losses, make
the following substitutions.
When the amount of any AMT gain is in the 15% rate
group, multiply it by 0.5357 instead of the number used
for regular tax.
•
•
•
•
When the amount of any AMT gain is in the 20% rate
group, multiply it by 0.7143 instead of the number used
for regular tax.
Don’t adjust the amount of any foreign source
qualified dividends you elected to include on line 4g
!
CAUTION
of the AMT Form 4952.
When the amount of any AMT gain is in the 25% rate
group, multiply it by 0.8929 instead of the number used
for regular tax.
Foreign capital gains or losses. If any capital gain or
loss from U.S. or foreign sources is different for the AMT, use
the refigured amounts to complete this step.
When the amount of any AMT gain is in the 28% rate
group, multiply it by 1.0 instead of the number used for
regular tax.
To figure the adjustment for the estate's or trust's foreign
source capital gains or losses, you must first determine
whether you can use Worksheet A or Worksheet B in the
Instructions for Form 1116. Otherwise, you must use the
instructions for Capital Gains and Losses in Pub. 514,
Foreign Tax Credit for Individuals, to figure the adjustments
you must make to the estate's or trust's foreign source capital
gains and losses.
Step 4. Complete Part II and lines 9 through 14 of the AMT
Form 1116. Use the estate's or trust's AMT foreign tax credit
carryover, if any, on line 10.
Step 5. If the simplified limitation election doesn't apply,
complete lines 15 through 17 of the AMT Form 1116.
Use Worksheet A if the estate or trust has foreign source
capital gains or losses in no more than two separate
categories, and any of the following apply.
Step 6. If you didn't complete Part IV of Schedule I (Form
1041), enter the amount from Schedule I (Form 1041),
line 27, on line 18 of the AMT Form 1116 and go to Step 7,
later.
You weren't required to make adjustments to the estate's
or trust's foreign source qualified dividends under the
•
-9-
2023 Instructions for Schedule I (Form 1041)
If you completed Part IV of Schedule I (Form 1041),
complete an AMT Worksheet for Line 18 in the Instructions
for Form 1116 to figure the amount to enter on Form 1116,
line 18, if:
to forego the carryback period for regular tax purposes also
applies for the AMT.
Simplified limitation election. The estate or trust may
elect to use a simplified section 904 limitation to figure its
AMT foreign tax credit. To do so, use the estate's or trust's
regular tax income for Form 1116, Part I, instead of refiguring
the estate's or trust's foreign source income for the AMT, as
described in Step 2 in the instructions for line 51, earlier. The
estate or trust must make the election for the first tax year
after 1997 for which it claims an AMT foreign tax credit. If it
doesn't make the election for that year, it may not make it for
a later year. Once made, the election applies to all later tax
years and may be revoked only with IRS consent.
Line 60 of Schedule I (Form 1041) is greater than zero,
and
•
•
Line 81 of Schedule I (Form 1041) is smaller than line 82.
But you don’t need to complete the Worksheet for Line 18
if:
The estate or trust qualifies for the adjustment exception
discussed in the Instructions for Form 1116, and
Line 60 of Schedule I (Form 1041) isn't more than
$220,700.
•
•
Note. Use the estate's and trust's capital gains and
losses as refigured for the AMT to determine if its total
amounts are less than the $20,000 threshold under the
adjustment exception.
Line 53—Tax
ESBTs. Enter the tax shown on line 14a of the ESBT Tax
Worksheet (minus any foreign tax credit from line 15a of the
ESBT worksheet).
If you don’t have to complete an AMT Worksheet for
Line 18, enter the amount from line 27 of Schedule I (Form
1041) on line 18 of the AMT Form 1116.
Line 54—Alternative Minimum Tax
ESBTs. Enter the amount shown on line 14b of the ESBT Tax
Instructions for completing an AMT Worksheet for
Line 18. To complete an AMT Worksheet for Line 18 in the
Instructions for Form 1116, follow these instructions.
Worksheet.
Part IV—Line 50 Computation Using
Maximum Capital Gains Rates
Lines 56, 57, and 58
1. Enter the amount from Schedule I (Form 1041), line 27,
on line 1 of the worksheet.
2. Skip lines 2 and 3 of the worksheet.
3. Enter the amount from Schedule I (Form 1041), line 79,
on line 4 of the worksheet.
If you used Schedule D (Form 1041), the Schedule D Tax
Worksheet in the Instructions for Schedule D (Form 1041), or
the Qualified Dividends Tax Worksheet in the Instructions for
Form 1041, you may generally enter the amounts as
4. Multiply line 4 of the worksheet by 0.1071 (instead of the
number used for regular tax) and enter the results on
line 5 of the worksheet.
instructed on Schedule I (Form 1041), lines 56, 57, and 58.
But don’t use those amounts if any of the following apply.
5. Enter the amount from Schedule I (Form 1041), line 76,
on line 6 of the worksheet.
1. The gain or loss from any transaction reported on Form
8949 or Schedule D (Form 1041) is different for the AMT
(for example, because the AMT basis was different due
to depreciation adjustments or an incentive stock option
adjustment or the AMT capital loss carryover from 2022
was different).
2. You didn't complete Part V of Schedule D (Form 1041),
the Schedule D Tax Worksheet in the Instructions for
Schedule D (Form 1041), or the Qualified Dividends Tax
Worksheet in the Instructions for Form 1041 because
Form 1041, line 23, or line 13 of the ESBT Tax
Worksheet, was zero or less.
6. Multiply line 6 of the worksheet by 0.2857 (instead of the
number used for regular tax) and enter the result on
line 7 of the worksheet.
7. Enter the amount from Schedule I (Form 1041), line 73,
on line 8 of the worksheet.
8. Multiply line 8 of the worksheet by 0.4643 (instead of the
number used for regular tax). Enter the result on line 9 of
the worksheet.
9. Enter the amount from Schedule I (Form 1041), line 66,
on line 10 of the worksheet.
3. The estate or trust received a Schedule K-1 (Form 1041)
that shows an amount in box 12 with code B, C, D, E, or
F. If this applies, see If the estate or trust is a beneficiary
of another estate or trust, later.
10. Complete lines 11 and 12 of the worksheet as instructed
on the worksheet.
Step 7. Enter the amount from Schedule I (Form 1041),
line 50, on the AMT Form 1116, line 20. Complete lines 19
through 24 of the AMT Form 1116.
If 1 above applies, complete an AMT Form 8949. Next, if 1
or 3 applies, complete Parts I through IV of an AMT
Schedule D (Form 1041) by refiguring the amounts of your
gains and losses for the AMT. Then, if 1, 2, or 3 applies,
complete the following lines of the applicable schedule or
worksheet.
Step 8. Complete Part IV of the first AMT Form 1116 only.
Enter on line 51 of Schedule I (Form 1041) the amount
from line 35 of the first AMT Form 1116.
Lines 22 through 26 of an AMT Schedule D (Form 1041),
Lines 2 through 13 of an AMT Schedule D Tax
Worksheet in the Instructions for Schedule D (Form
1041), or
•
Attach to the estate's or trust's return all AMT Forms 1116
(and if applicable Schedule B (Form 1116)) you used to
figure your AMT foreign tax credit.
AMT foreign tax credit carryback and carryforward. If
the AMT foreign tax credit is limited, any unused amount can
be carried back or forward under section 904(c). The election
•
Lines 2 through 4 of a Qualified Dividends Tax Worksheet
•
in the Instructions for Form 1041.
If you were required to complete an AMT Form 4952, use
it to figure the amount to enter on line 25 of the AMT
-10-
2023 Instructions for Schedule I (Form 1041)
Schedule D (Form 1041), lines 3 and 4 of the AMT
Schedule D Tax Worksheet in the Instructions for Schedule D
(Form 1041), and line 3 of the Qualified Dividends Tax
Worksheet. Use amounts from the AMT Schedule D (Form
1041), AMT Schedule D Tax Worksheet in the Instructions for
Schedule D (Form 1041), or Qualified Dividends Tax
Worksheet in the Instructions for Form 1041 to complete
Schedule I (Form 1041), lines 56, 57, and 58. Keep the AMT
Form 8949, AMT Schedule D (Form 1041), and applicable
AMT worksheet for your records, but don’t attach any of them
to Form 1041.
Line 61
If line 60 is $220,700 or less, multiply line 60 by 26% (0.26).
Otherwise, multiply line 60 by 28% (0.28) and subtract
$4,414 from the result.
Line 82
If line 55 is $220,700 or less, multiply line 55 by 26% (0.26).
Otherwise, multiply line 55 by 28% (0.28) and subtract
$4,414 from the result.
Don’t decrease the estate's or trust's section 1202
exclusion by the amount, if any, included on line 8 of
!
CAUTION
Schedule I (Form 1041) .
If the estate or trust is a beneficiary of another estate or
trust. If the estate or trust received a Schedule K-1 (Form
1041) from another estate or trust that shows an amount in
box 12 with code B, C, D, E, or F, follow the instructions in the
table below.
IF the code in box 12 is...
THEN include that amount in the total
on...
B
line 2 of an AMT Qualified Dividends Tax
Worksheet in the Instructions for Form
1041; line 23 of an AMT Schedule D
(Form 1041); or line 2 of an AMT
Schedule D Tax Worksheet in the
Instructions for Schedule D (Form 1041),
whichever applies.
C
D
E
line 5, column (h), of an AMT Schedule D
(Form 1041).
line 12, column (h), of an AMT
Schedule D (Form 1041).
line 11 of an AMT Unrecaptured Section
1250 Gain Worksheet in the Instructions
for Schedule D (Form 1041).
F
line 4 of an AMT 28% Rate Gain
Worksheet in the Instructions for
Schedule D (Form 1041).
-11-
2023 Instructions for Schedule I (Form 1041)