I’m sorry, but I don’t understand AMT. In Tax Year 2020 and for all previous years, we did not/not receive any AMT. Tax Year 2021 Turbo Tax Deluxe software (Tax Year 2020 we used Turbo Tax Premier as we had and sold rental property and in Tax Year 2021 were informed via this community we could use Turbo Tax Deluxe as we no longer own rental property) it indicates was have AMT of $8,158 with “Credit for Prior Year AMT” - we do not understand this as this new AMT (Never before have we ever had this and do recall ever having AMT “credit”?!) it decreased our tax liability now saying we are getting a refund of $3,778.
This makes no sense as we’ve never received a refund for over 15 years of tax filings as taxable income has always exceeded $110,000 per year. And now for the first time ever since married we’re getting a refund (no children no other deductions other than standard deductions and x2 people for annual federal/state withholdings throughout the year)!!?? Something is not right.
Also, with this “Alternative Minimum Tax (AMT)” a Form 6251 is required that won’t be available until 02/24/2022 and also a Form 8801 not available until 03/17/2022 - so much for starting taxes and eFiling early as now we have to wait until 03/17/2022 until all the forms are available to us - does anyone know what’s going on with this? Assume these 2 forms will correct tax calculations to where they should be and no/no AMT?
Can someone please explain before we file and get audited with the IRS thinking we’re trying to cheat them, thank you.
