Hi TT Community,
I thought I'd give this a try.
I paid a substantial amount of AMT in a prior year and as such have a very large carryover which can be used for claiming the AMT tax credit this year.
So, I followed all of the TurboTax's guidance, filling in correct amounts from the boxes in the Form 6251 and 8801 from my return last year, and I got a decent credit, although not as large as I thought.
Aside from why I didn't get to use as much of the credit as I had hoped, after the calculations were completed, TurboTax shows an amount I can carry over to next year and subsequent years, however this amount is less than the amount I had from last year minus the credit TurboTax calculated for this year.
Shouldn't the amount of the carryover for future years simply be the previous carryover minus the credit I received? Is there ever a time when your carryover for future years is reduced by more than the credit you receive in the current year?
Thanks!
