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Investors & landlords
Mr. TomYoung
Thank you for the prompt reply !! It's appreciated.
FYI I am using the TurboTax downloaded version running on my PC Windows.
I will try what you suggested " ... try here is to delete the trade entirely, and then re-enter it ..." but it will take some time as I have several transaction to re-enter.
In the meantime, based on your experiment, can you share the following info:
1) I assume that, after you entered the 2019 sale of stock acquired via an ISO in the TurboTax Federal Interview, you DID NOT have to do any additional manual adjustment or data entry for the State of California Tax Return. Instead the Federal AMT adjustment amounts were automatically carried-over to the State of California AMT Adjustments. Is this correct?
2) After you enter your test sale transaction, let for example say you see $5,400 as the Excess of AMT Income over Regular Tax income reported correctly on Federal Form 6251 Part 1, line k. Where do you see the same $5,400 in the California State Tax Return? On Schedule P (540) like 9 "Adjusted gain or loss." ? If not, where do you see this adjustment in the State of California Tax Return?
Let me know
Thank You very much in advance.