What is the minimum tax credit?

I know what the alternative minimum tax is, but I'm not sure about the MTC. Is it just your regular tax?

What is the minimum tax credit?
The minimum tax credit (MTC) was created to allow taxpayers to recoup the loss of any regular tax benefit incurred during a year when the taxpayer was in an alternative minimum tax (AMT) situation. The MTC typically compensates taxpayers for losses resulting from the declaration of deferral items, which are defined as items that are expected to be reversed in future years. MTC is only permitted for tax years starting from 1987 and can be employed to reduce a taxpayer's regular liability only when the taxpayer is no longer in an AMT position.
Reply:soory I didn't see your additional question until now ... start with this guide http://fairmark.com/amt/index.... ... there are no simple calculations in the current tax system ... ever ... to determine your credit, you would use federal tax form 8801 ... just google tax form 8801 to see it Report Abuse

Reply:http://www.nysscpa.org/cpajournal/old/12...






Reply:What tax credit? There's more than one.