Form Schedule I (Form 1 Schedule I (Form 1 Schedule I - Alternative Minimum Tax - Estates and Trust

Version A, Cycle 1

SCHEDULE I
(Form 1041)

Alternative Minimum Tax—Estates and Trusts
©

Department of the Treasury
Internal Revenue Service
Name of estate or trust

Part I
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29

OMB No. 1545-0092

2009

Attach to Form 1041. See the separate instructions
for Schedule I (Form 1041).

Employer identification number

Estate’s or Trust’s Share of Alternative Minimum Taxable Income
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

1
2
3
4
5 (
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21 (
22
23
24 (
25

.
.

28
29

Adjusted alternative minimum taxable income (see page 6 of the instructions) . . . . . . .
Adjusted tax-exempt interest (other than amounts included on line 8) . . . . . . . . . .
Total net gain from Schedule D (Form 1041), line 15, column (1). If a loss, enter -0. . . . .
Capital gains for the tax year allocated to corpus and paid or permanently set aside for charitable
purposes (from Form 1041, Schedule A, line 4) . . . . . . . . . . . . . . . . .
Capital gains paid or permanently set aside for charitable purposes from gross income (see page
6 of the instructions) . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital gains computed on a minimum tax basis included on line 25 . . . . . . . . . .
Capital losses computed on a minimum tax basis included on line 25. Enter as a positive amount
Distributable net alternative minimum taxable income (DNAMTI). Combine lines 30 through 36.
If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . .
Income required to be distributed currently (from Form 1041, Schedule B, line 9) . . . . . .
Other amounts paid, credited, or otherwise required to be distributed (from Form 1041, Schedule B, line 10)
Total distributions. Add lines 38 and 39 . . . . . . . . . . . . . . . . . . . .
Tax-exempt income included on line 40 (other than amounts included on line 8) . . . . . .
Tentative income distribution deduction on a minimum tax basis. Subtract line 41 from line 40 . .

30
31
32

Adjusted total income or (loss) (from Form 1041, line 17) . . . . . . . . . . . . .
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Miscellaneous itemized deductions (from Form 1041, line 15b) . . . . . . . . . . .
Refund of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depletion (difference between regular tax and AMT) . . . . . . . . . . . . . . .
Net operating loss deduction. Enter as a positive amount . . . . . . . . . . . . .
Interest from specified private activity bonds exempt from the regular tax . . . . . . . .
Qualified small business stock (see page 2 of the instructions) . . . . . . . . . . .
Exercise of incentive stock options (excess of AMT income over regular tax income) . . . .
Other estates and trusts (amount from Schedule K-1 (Form 1041), box 12, code A) . . . .
Electing large partnerships (amount from Schedule K-1 (Form 1065-B), box 6) . . . . . .
Disposition of property (difference between AMT and regular tax gain or loss) . . . . . .
Depreciation on assets placed in service after 1986 (difference between regular tax and AMT) .
Passive activities (difference between AMT and regular tax income or loss) . . . . . . .
Loss limitations (difference between AMT and regular tax income or loss) . . . . . . . .
Circulation costs (difference between regular tax and AMT) . . . . . . . . . . . .
Long-term contracts (difference between AMT and regular tax income) . . . . . . . .
Mining costs (difference between regular tax and AMT) . . . . . . . . . . . . . .
Research and experimental costs (difference between regular tax and AMT) . . . . . . .
Income from certain installment sales before January 1, 1987
. . . . . . . . . . .
Intangible drilling costs preference . . . . . . . . . . . . . . . . . . . .
Other adjustments, including income-based related adjustments . . . . . . . . . .
Alternative tax net operating loss deduction (See the instructions for the limitation that applies.)
Adjusted alternative minimum taxable income. Combine lines 1 through 24 . . . . . . .
Note: Complete Part II below before going to line 26.
26
Income distribution deduction from Part II, line 44 . . . . . . .
27
Estate tax deduction (from Form 1041, line 19) . . . . . . . .
Add lines 26 and 27 . . . . . . . . . . . . . . . . . . . . . . . . .
Estate’s or trust’s share of alternative minimum taxable income. Subtract line 28 from line 25 .
If line 29 is:
● $22,500 or less, stop here and enter -0- on Form 1041, Schedule G, line 1c. The estate or
trust is not liable for the alternative minimum tax.

DRAFT AS OF
June 19, 2009

)

)

)

● Over $22,500, but less than $165,000, go to line 45.
● $165,000 or more, enter the amount from line 29 on line 51 and go to line 52.

Part II
30
31
32
33
34
35
36
37
38
39
40
41
42

Income Distribution Deduction on a Minimum Tax Basis

For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 1041.

Cat. No. 51517Q

33
34
35 (
36

)

37
38
39
40
41
42
Schedule I (Form 1041) (2009)

Version A, Cycle 1
Page 2

Schedule I (Form 1041) (2009)

Part II
43
44

Tentative income distribution deduction on a minimum tax basis. Subtract line 31 from line 37.
If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . .
Income distribution deduction on a minimum tax basis. Enter the smaller of line 42 or line 43.
Enter here and on line 26 . . . . . . . . . . . . . . . . . . . . . . . . .

Part III
45
46
47
48
49
50
51
52

53
54
55
56

Income Distribution Deduction on a Minimum Tax Basis (continued)

44

Alternative Minimum Tax

Exemption amount . . . . . . . . . . . . . . . . . . . . . . . . . . .
46
Enter the amount from line 29 . . . . . . . . . . . . . .
$75,000
00
47
Phase-out of exemption amount . . . . . . . . . . . . .
48
Subtract line 47 from line 46. If zero or less, enter -0- . . . . . .
Multiply line 48 by 25% (.25) . . . . . . . . . . . . . . . . . . . . . . .
Subtract line 49 from line 45. If zero or less, enter -0- . . . . . . . . . . . . . . .
Subtract line 50 from line 46
. . . . . . . . . . . . . . . . . . . . . . .
Go to Part IV of Schedule I to figure line 52 if the estate or trust has qualified dividends or has a
gain on lines 14a and 15 of column (2) of Schedule D (Form 1041) (as refigured for the AMT, if
necessary). Otherwise, if line 51 is—

DRAFT AS OF
June 19, 2009

● $175,000 or less, multiply line 51 by 26% (.26).
● Over $175,000, multiply line 51 by 28% (.28) and subtract $3,500 from the result
. . . . .
Alternative minimum foreign tax credit (see page 7 of the instructions) . . . . . . . . . .
Tentative minimum tax. Subtract line 53 from line 52
. . . . . . . . . . . . . . .
Enter the tax from Form 1041, Schedule G, line 1a (minus any foreign tax credit from Schedule G, line 2a)
Alternative minimum tax. Subtract line 55 from line 54. If zero or less, enter -0-. Enter here and
on Form 1041, Schedule G, line 1c . . . . . . . . . . . . . . . . . . . . .

Part IV

43

45

$22,500

00

49
50
51

52
53
54
55
56

Line 52 Computation Using Maximum Capital Gains Rates

Caution: If you did not complete Part V of Schedule D (Form 1041), the Schedule D Tax Worksheet,
or the Qualified Dividends Tax Worksheet, see page 8 of the instructions before completing this part.
57
58

59

60

61
62
63
64
65

66
67
68
69
70
71
72
73
74
75

Enter the amount from line 51 . . . . . . . . . . . . . . . . . . .
Enter the amount from Schedule D (Form 1041), line 22, line 13 of the
Schedule D Tax Worksheet, or line 4 of the Qualified Dividends Tax
Worksheet, whichever applies (as refigured for the AMT, if necessary)
58
Enter the amount from Schedule D (Form 1041), line 14b, column (2)
(as refigured for the AMT, if necessary). If you did not complete
59
Schedule D for the regular tax or the AMT, enter -0- . . . . . . .
If you did not complete a Schedule D Tax Worksheet for the regular tax
or the AMT, enter the amount from line 58. Otherwise, add lines 58 and
59 and enter the smaller of that result or the amount from line 10 of the
Schedule D Tax Worksheet (as refigured for the AMT, if necessary) . .
60
Enter the smaller of line 57 or line 60
. . . . . . . . . . . . . . . .
Subtract line 61 from line 57
. . . . . . . . . . . . . . . . . . .
If line 62 is $175,000 or less, multiply line 62 by 26% (.26). Otherwise, multiply line
(.28) and subtract $3,500 from the result
. . . . . . . . . . . . . . .

.

.

.
.
62
.

.
.
by
.

.

57

. .
. .
28%
. ©

61
62

.

$2,300
00
64
Maximum amount subject to the 0% rate . . . . . . . . . .
Enter the amount from line 23 of Schedule D (Form 1041), line 14 of the
Schedule D Tax Worksheet, or line 5 of the Qualified Dividends Tax
Worksheet on page 27 of the Instructions for Form 1041, whichever
applies (as figured for the regular tax). If you did not complete
Schedule D or either worksheet for the regular tax, enter -0- . . . .
65
66
Subtract line 65 from line 64. If zero or less, enter -0- . . . . . .
Enter the smaller of line 57 or line 58
. . . . . . . . . . .
67
Enter the smaller of line 66 or line 67
. . . . . . . . . . .
68
69
Subtract line 68 from line 67
. . . . . . . . . . . . . .
Multiply line 69 by 15% (.15) . . . . . . . . . . . . . . . . . . . . . . ©
If line 59 is zero or blank, skip lines 71 and 72 and go to line 73. Otherwise, go to line 71.
71
Subtract line 67 from line 61
. . . . . . . . . . . . . .
Multiply line 71 by 25% (.25) . . . . . . . . . . . . . . . . . . . . . . ©
Add lines 63, 70, and 72 . . . . . . . . . . . . . . . . . . . . . . . . .
If line 57 is $175,000 or less, multiply line 57 by 26% (.26). Otherwise, multiply line 57 by 28%
(.28) and subtract $3,500 from the result
. . . . . . . . . . . . . . . . . . .
Enter the smaller of line 73 or line 74 here and on line 52 .

.

.

.

.

.

.

.

.

.

.

.

.

.

63

70

72
73
74
75
Schedule I (Form 1041) (2009)