Should ISO exercise appear twice in the income tally?

[lynxoid]

I purchased ISOs in 2019 (did not sell). TurboTax asked me to enter the fair market value of the stock in the alternative minimum tax section. I calculated the difference as (MarketValue - PricePerShare) x NumberOfShares and entered as AMT income. Then TurboTax asked to fill out details of form 3921 -- same details as above. Now the ISO Execrise and Hold section shows this ISO income twice. Looks like a bug, or should ISO purchase really be double taxed?

[Lillian5]

Also seeing this. Were you able to get to a resolution?

[DawnC]

No, it should not be taxed twice.  But it may show in two different summary sections inside of TurboTax.  You would need to preview your actual tax return to make sure the income is only reported once.  

With ISOs, your taxes depend on the dates of the transactions (that is, when you exercise the options to buy the stock and when you sell the stock). The price break between the grant price you pay and the fair market value on the day you exercise the options to buy the stock is known as the bargain element.

You do have to report that bargain element as taxable compensation for Alternative Minimum Tax (AMT) purposes in the year you exercise the options.  @Lillian5