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Get your taxes done using TurboTax
If your tax return is generating Alternative Minimum Tax(AMT), your AMT capital loss carryforward will automatically be used to offset your AMT. I suggest you review your entries to make sure you are indeed subject to AMT.
To do this, log back into TurboTax.
- Select the Federal Taxes tab and then select Other Tax Situations.
- Select State/update to the right of Alternative Minimum Tax (AMT).
- Proceed to answer the questions in this section starting with the screen titled "Let's see if you need to pay the alternative minimum tax (AMT) this year."
- Answer the questions and mark the boxes as it applies to your situation.
- You will then see a screen titled "As it stands right now, your final number" followed by the amount of AMT you are subject to. If the amount is $0, you do not owe any AMT. If there is a value for the AMT, select the arrow that says "show more" and scroll down. You will see the break down of your regular taxes as well as your AMT taxes.
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‎April 4, 2024
8:38 PM