2014 Federal 1040: Credit for Prior year Minimum Tax
A credit may be available on federal Form 8801 if a taxpayer paid Alternative Minimum Tax in a prior year. This is the Credit for Prior Year Minimum Tax.
Certain taxpayers, who paid Alternative Minimum Tax in a prior year, may have an incorrect 2014 Federal return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if ALL of the following are true:
- You filed your 2014 federal tax return prior to March 11, 2105 AND
- Your 2014 federal return includes the Form 8801 (Credit for Prior Year Minimum Tax) AND
- Your 2013 federal Schedule A, Line 29 has a box checked that your deduction may be limited.
If you are affected, you may have overpaid or underpaid your federal tax. You may need to amend your Federal return.
To amend your return:
- Follow these amend instructions for the TurboTax Online product.
- Follow these amend instructions for the TurboTax CD Download product.
- After you make the changes to your tax return, you will need to mail a copy of your amended return.
- Your printed return(s) will include instructions on how and where to mail it.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the 2014 Federal 1040: Credit for Prior year Minimum Tax.