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Page 10 of 11 Fileid: … /i1041schi/2022/a/xml/cycle04/source 9:17 - 3-Jan-2023
The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.
• Line 60 of Schedule I (Form 1041) isn't more than a later year. Once made, the election applies to all later tax
$206,100. years and may be revoked only with IRS consent.
Note. Use the estate's and trust's capital gains and
losses as refigured for the AMT to determine if its total Line 53—Tax
amounts are less than the $20,000 threshold under the ESBTs. Enter the tax shown on line 14a of the ESBT Tax
adjustment exception. Worksheet (minus any foreign tax credit from line 15a of the
If you don’t have to complete an AMT Worksheet for ESBT worksheet).
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
Instructions for completing an AMT Worksheet for ESBTs. Enter the amount shown on line 14b of the ESBT
Line 18. To complete an AMT Worksheet for Line 18 in the Tax Worksheet.
Instructions for Form 1116, follow these instructions.
Part IV—Line 50 Computation Using
1. Enter the amount from Schedule I (Form 1041), line 27,
on line 1 of the worksheet. Maximum Capital Gains Rates
2. Skip lines 2 and 3 of the worksheet. Lines 56, 57, and 58
3. Enter the amount from Schedule I (Form 1041), line 79, If you used Schedule D (Form 1041), the Schedule D Tax
on line 4 of the worksheet. Worksheet in the Instructions for Schedule D (Form 1041), or
the Qualified Dividends Tax Worksheet in the Instructions for
4. Multiply line 4 of the worksheet by 0.1071 (instead of the Form 1041, you may generally enter the amounts as
number used for regular tax) and enter the results on instructed on Schedule I (Form 1041), lines 56, 57, and 58.
line 5 of the worksheet. But don’t use those amounts if any of the following apply.
5. Enter the amount from Schedule I (Form 1041), line 76, 1. The gain or loss from any transaction reported on Form
on line 6 of the worksheet. 8949 or Schedule D (Form 1041) is different for the AMT
6. Multiply line 6 of the worksheet by 0.2857 (instead of the (for example, because the AMT basis was different due
number used for regular tax) and enter the result on to depreciation adjustments or an incentive stock option
line 7 of the worksheet. adjustment or the AMT capital loss carryover from 2021
was different).
7. Enter the amount from Schedule I (Form 1041), line 73,
on line 8 of the worksheet. 2. You didn't complete Part V of Schedule D (Form 1041),
the Schedule D Tax Worksheet in the Instructions for
8. Multiply line 8 of the worksheet by 0.4643 (instead of the Schedule D (Form 1041), or the Qualified Dividends Tax
number used for regular tax). Enter the result on line 9 of Worksheet in the Instructions for Form 1041 because
the worksheet. Form 1041, line 23, or line 13 of the EBST Tax
9. Enter the amount from Schedule I (Form 1041), line 66, Worksheet, was zero or less.
on line 10 of the worksheet. 3. The estate or trust received a Schedule K-1 (Form 1041)
10. Complete lines 11 and 12 of the worksheet as instructed that shows an amount in box 12 with code B, C, D, E, or
on the worksheet. F. If this applies, see If the estate or trust is a beneficiary
of another estate or trust, later.
Step 7. Enter the amount from Schedule I (Form 1041),
If 1 above applies, complete an AMT Form 8949. Next, if 1
line 50 on the AMT Form 1116, line 20. Complete lines 19
or 3 applies, complete Parts I through IV of an AMT
through 24 of the AMT Form 1116.
Schedule D (Form 1041) by refiguring the amounts of your
Step 8. Complete Part IV of the first AMT Form 1116 only. gains and losses for the AMT. Then, if 1, 2, or 3 applies,
Enter on line 51 of Schedule I (Form 1041) the amount complete the following lines of the applicable schedule or
from line 35 of the first AMT Form 1116. worksheet.
Attach to the estate's or trust's return all AMT Forms 1116 • Lines 22 through 26 of an AMT Schedule D (Form 1041),
(and if applicable Schedule B (Form 1116)) you used to • Lines 2 through 13 of an AMT Schedule D Tax
Worksheet in the Instructions for Schedule D (Form
figure your AMT foreign tax credit.
1041), or
AMT foreign tax credit carryback and carryforward. If • Lines 2 through 4 of a Qualified Dividends Tax
the AMT foreign tax credit is limited, any unused amount can Worksheet in the Instructions for Form 1041.
be carried back or forward under section 904(c). The election
to forego the carryback period for regular tax purposes also If you were required to complete an AMT Form 4952, use
applies for the AMT. it to figure the amount to enter on line 25 of the AMT
Schedule D (Form 1041), lines 3 and 4 of the AMT
Simplified limitation election. The estate or trust may Schedule D Tax Worksheet in the Instructions for Schedule D
elect to use a simplified section 904 limitation to figure its (Form 1041), and line 3 of the Qualified Dividends Tax
AMT foreign tax credit. To do so, use the estate's or trust's Worksheet. Use amounts from the AMT Schedule D (Form
regular tax income for Form 1116, Part I, instead of refiguring 1041), AMT Schedule D Tax Worksheet in the Instructions
the estate's or trust's foreign source income for the AMT, as for Schedule D (Form 1041), or Qualified Dividends Tax
described in Step 2 in the instructions for line 51, earlier. The Worksheet in the Instructions for Form 1041 to complete
estate or trust must make the election for the first tax year Schedule I (Form 1041), lines 56, 57, and 58. Keep the AMT
after 1997 for which it claims an AMT foreign tax credit. If it Form 8949, AMT Schedule D (Form 1041), and applicable
doesn't make the election for that year, it may not make it for AMT worksheet for your records, but don’t attach any of them
to Form 1041.
-10- 2022 Instructions for Schedule I (Form 1041)
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