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Although the Alternative Minimum Tax (AMT) you paid in 2021 doesn't give you a direct discount on your 2022 taxes, there is a credit, called the Minimum Tax Credit, which allows you to carry forward any unused AMT credit to future tax years. This credit aims to minimize the double taxation effect caused by the AMT system. The Minimum Tax Credit applies to AMT generated by certain deferral preference items, such as exercising incentive stock options (ISOs) or depreciation adjustments. To find out if you can claim the Minimum Tax Credit in 2022, you'll need to look at the details of your 2021 AMT calculation, specifically the adjustments and preferences that contributed to your AMT liability. You can use IRS Form 8801 (Credit for Prior Year Minimum Tax—Individuals, Estates, and Trusts) to calculate and claim the credit in 2022. This credit can only offset your regular tax liability; it cannot be used to reduce your AMT liability in future years. Keep in mind that any unused credit can be carried forward indefinitely until it is fully utilized.