TurboTax 2021, in the carryover loss section, said it transferred the information from 2020 but asked me to verify the numbers anyway. The short term carryover was incorrect. Instead of the negative carryover amount from the previous yr's carryforward worksheet, the short term amount was a large POSITIVE amount not associated at all with the actual carryover loss amount. I even tried looking at 2020's "taxable income and any combination of that amount and the standard deduction, other credits, etc. but couldn't replicate the figure.
I also opened the 2020 PDF with ALL worksheets included and did a search for the incorrect amount and had zero results, i.e. it's not on any form/worksheet from my 2020 PDF with everything included. Without "correcting" that entry the AMT is triggered because the loss isn't applied against current yr gains. That goes away after "manually" changing the amount, but why should I have to correct a figure that is supposed to be "transferred" from the previous yr which has the correct figures on it's carryforward worksheet??
Next, after manually correcting with the carryforward info from previous yr (verified against that same yr's schedule D) the very next screen says "we need one last piece of information from your 2020 form 6251, you used for AMT". It is basically trying to have me confirm a figure from a form 6251 which I'd never heard of before. So I went back to the 2020 PDF with ALL worksheets to search for 6251 and even schedule D AMT and found NO such forms. On the TurboTax step-by-step page in question, the hyperlink "what if I don't have form 6251" says "most people will get the same result using your "regular" taxable income (2020 Form 1040, 10)." Not exactly a confidence building statement when it says "most people"... After literally hours of additional investigating, I discovered that it appears "everyone" will have a different AMT vs regular taxable income amount because AMT always adds back to your taxable income either your (standard deduction) OR ("taxes you paid" amount from schedule A). As an aside, this seems ridiculous because most people taking standard deduction automatically have a much larger AMT taxable income amount vs if they were itemizing and just had to add "a portion" of their schedule A amount which is typically going to be much less than their entire standard deduction. Is that a correct conclusion or am I missing something?
Anyway, again,
1) Why is TurboTax not transferring correct information, and
2) Asking to verify info from a form that doesn't exist in my saved PDF "with ALL forms and worksheets"
Thank You
@Chen08 , @SharonD007 , @AbrahamT , @Ralph1, @LindaS5247 @GiseleD @HollyP @bluedeb @xmasbaby0 @DoninGA @a_cooper @CathyC1 @Patricia-R
