You might be eligible for the AMT credit on this year’s taxes if you got hit with the AMT in a prior tax year because you exercised ISOs or claimed accelerated depreciation. If you're showing $8k as a Credit for AMT Paid in a Prior Year, reducing the credit amount to zero may have a negative impact on your current year refund or amount due.
In TurboTax, to navigate to the AMT Tax Carryover amount:
- Select Federal from the left menu.
- Select Deductions & Credits from the top tab.
- Scroll down to Estimates and Other Taxes Paid, show more and select Start/Review next to Credit for AMT Paid in Prior Year.
- On the next page you'll be able to enter zero.
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