How and when to claim California AMT Credit?

[rikutse]

Hi,

    In 2018, I have to pay CA AMT credit because I have exercised and held a lot of ISO.

    In 2019 last year, I have sold part of my ISO stock. From turbotax, I found Federal AMT credit has been used for Federal tax, but I did see my previous CA AMT credit has been used at all...

   Can someone tell me why, and how the AMT credit from California will be used? A FTB 3510 form should be filed when CA credit is claimed, right?

   I just do not want to lose my CA credit, or double pay the tax to CA.

Thanks,

Rick

[JotikaT2]

You will be able to utilize your 2018 AMT Credit Carryover from California if you had an AMT credit carryover from 2018 or if you paid AMT in 2018.

Based upon the information provided in your question, you will be able to claim the credit.  

To do this, go into your state interview section for California again.  Select Credits and taxes.

Continue through the screens until you see the question regarding AMT.  If you don't see the following screen, scroll down on the screen with all the credits until you see Taxes.  Select Alternative Minimum Tax.

Continue until you see the following screen.  Be sure to enter your CA AMT credit carryfoward here.  This will ensure you get credit in 2019 for the carryover from 2018.

[mnguyen16]

I am not sure if this person really go through that option. This will not generate form 3510.

What a mess!!!!!

Where is the minimum tax credit option in 2019 Turbotax?

It was implemented in 2017, 2018 Turbotax.

[mnguyen16]

Selecting Alternative Minimum Tax is a wrong thing to do to enter carryover minimum tax (ATM) credit for CA tax return.

For CA, Minimum tax credit can be selected in 2017, 2018 Turbotax, but it does not exist in 2019 Turbotax.

[Waynezhu]

Anybody can confirm that this is correct or not?

I tried but it doesn't work, and I am not able to generate Form 3510 for year 2022 as well(though I am sure that I paid AMT for year 2021)

[DianeW777]

The Form 3510 is available in TurboTax for California (CA).  It can be accessed through the Credits and Taxes Section of your return. 

• Tax Forms Availability
• CA Credit for Prior Year AMT

@Waynezhu 

[Waynezhu]

Thanks Diane! I know I could use that, the problem is I am not able to find where I could trigger it in my TurboTax Live Premium online version, though I am able to find it last year. Same issue like this: https://ttlc.intuit.com/community/state-taxes/discussion/where-i-can-find-california-prior-year-alte...

[MonikaK1]

When you complete the California interview in TurboTax Online, the Prior Year Alternative Minimum Tax Credit should appear among the choices on the screen "Take a look at California credits and taxes", which appears after the screen "Adjustments and Preferences: California". It is also listed as a choice in TurboTax Desktop.

If you have gone through the whole interview and seen the California credits screen, and the Prior Year Alternative Minimum Tax Credit isn't listed among the choices, try logging out of the program and logging back in. Consider trying another browser. If the problem persists, you could delete the California return and add/complete it again.

See this tax tips article for answers to common questions about AMT.