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Get your taxes done using TurboTax
If you exercised Incentive Stock Options and held the stock (did not sell) past year end in the year of exercise, any tax you paid on that transaction would have been AMT. Your AMT basis in the stock is $35/share, but your regular tax basis is $2.38. That would have given you an AMT tax credit. Now that you have sold the stock, you must calculate your regular tax using a $2.38/share basis, and then calculate your AMT and see if you can use some or all of your AMT credit. You should have filed Form 6251 in 2021 in order to roll your AMT credit forward. You cannot just adjust your regular tax basis to that of your AMT basis. In all likelyhood you probably won't be able to use all (if any) of your AMT credit, unless you are otherwise in a AMT tax situation.
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