No there is no delay. When I change the iso adjustment number, the federal number instantly changes as well. I did some research and I think the real reason the federal refund went down is because I have AMT credit from the previous year. The amount of AMT credit applicable for the current year is limited based on the difference between the standard tax rate and the amt tax rate. So even though amt tax rate this year was less than standard tax rate, when I added the iso adjustment, the difference between amt and standard is now lower, and thus less of the AMT credit can be applied this year.
