I exercised ISOs and held them. I exercised 40000 shares and the difference between the FMV and the strike price is $1, so i input $40000 as the ISO adjustment. The next window tells me my AMT tax is $0. But then my federal return went from $15000 to $5000......Why did i lose so much of my federal return if I never sold my ISOs and I didn't trigger AMT? FYI Im doing the 2022 year taxes because im behind and using the desktop app.
