The Iowa Alternative Minimum Tax Credit is available for taxpayers who paid Iowa alternative minimum tax in prior years based on tax preferences and adjustments. The credit is limited to the extent the regular tax exceeds the Iowa alternative minimum tax in a prior tax year and cannot be claimed in any tax year in which Iowa alternative minimum tax is owed. There is no limit on the number of years this tax credit can be carried forward. Compute the tax credit using form IA 8801 (pdf) and include that form with the IA 1040. Report the claim on the IA 148 Tax Credits Schedule using tax credit code 09.