Get your taxes done using TurboTax
An AMT is created when exercised and adjusted when sold. You should have some forms reflecting the exercise and your $10,000,000 test definitely should have a result. Something is not right. Follow these steps:
- Under Other Tax Situations
- Alternative Minimum Tax
- Start/Edit/ Update
- AMT? Yes
- Uncommon? select I exercised but didn't sell, continue
- Enter your adjustment
- Sell prior year, continue
- Your final number for now shows for AMT
Be sure to track this outside of your tax return. I want to urge you to create a financial notebook that is kept separate from your tax return. Keep it safe and each year, add your year-end statements from all your financial accounts plus a copy of your W2’s, your carryover information, and proof of your basis in your various investments. The program won't let you add the AMT carryover when you are paying AMT. You will have to add any AMT carryover in a year when you are not paying AMT.
