topic AMT in Deductions & credits

AMT

vlbenne5938 — Wed, 10 Mar 2021 18:46:03 GMT

I have been using Turbo Tax for years. Last year my 2017 Tax Return was audited and I owed over $10,000. It had to do with AMT. This year I said no to AMT but it is still showing up on my return. How do I get rid of the AMT?

Re: AMT

AmyC — Wed, 10 Mar 2021 23:48:58 GMT

You are not able to get rid of AMT. It is based on your income and deductions. The income levels at which the AMT exemption begins to phase out has increased to $518,400 ($1,036,800 if married filing jointly or qualifying widow(er)). If your income exceeds that, see Topic No. 556 Alternative Minimum Tax | Internal Revenue Service.

You may have an AMT credit the program is trying to give you based on prior years when the income limit was lower.

Re: AMT

vlbenne5938 — Sat, 13 Mar 2021 13:40:30 GMT

Years ago I did pay AMT but made a mistake on my return and had to file an amended return. Now each year the AMT deduction is showing up on my return. I was audited in 2020 for 2018 taxes. I don't want that to happen again. I need to get rid of this deduction on 2020 taxes. I have written for help and called turbo tax with no resolution. I bought Turbo Tax at Costco and there is no way I can upgrade to Live version. I am in a real bind and need help.

Re: AMT

ThomasM125 — Tue, 16 Mar 2021 01:00:25 GMT

I think what you mean is that you have an AMT carryover in your program from a previous year that is not applicable to you. If so, you can attempt to remove the AMT carryover amount in TurboTax by using these menu tabs:

View
Forms
Open forms
Type in "AMT"
Find the AMT report or worksheet that applies to you and open it and see if you can delete or change the entry that is causing you trouble