New Worksheets for AMT Credit and Required Distributions

The Housing and Economic Recovery Act of 2008 provides that a corporation can elect to accelerate its use of unused carryforwards of the minimum tax credit and the research credit from tax years beginning before 2006 and obtain a refundable credit in lieu of the special depreciation allowance on eligible qualified property. The IRS has provided a new worksheet for this purpose.

The worksheet is available on the IRS website.

The IRS has posted other worksheets from Pub 590 that can be used to calculate the amount of the required minimum distributions (RMD) for IRA owners whose spouse is the sole beneficiary of their IRA and is more than 10 years younger, and for all other IRA owners.

These worksheets are available on the IRS website.