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Alternative Minimum Tax used to be very common. The AMT applies to taxpayers who have certain types of income that receive favorable treatment, or who qualify for certain deductions, under the tax law. These tax benefits can significantly reduce the regular tax of some taxpayers with higher economic incomes. The AMT sets a limit on the amount these benefits can be used to reduce total tax.
You may want to review your federal and state for AMT in prior years along with this year.
Here is a list of MN forms and their availability.
I too have the same problem. Your answer does not resolve the question. I did not file any of the forms listed with my 2019 taxes. now what? Looks like a bug to me.
Just like the previous post, I have never paid Minnesota alternative minimum tax and it is not allowing that to be unchecked. I check None of the above, but that does not clear the check on AMT. How do we get through this?
Thanks!
I am also stuck at this point. I can't uncheck the box on the form and I never paid MN AMT either. This is a bug in the program and somebody with TurboTax needs to get on it ricky tick.
Wrong answer. There is a bug in the program that needs to be fixed.
Ok. I have been working on trying to recreate the issue but being a 2020 return, I am not able. Would one of you like to send a diagnostic file so it can be looked at? It will scrub your information and give you a 6 digit code to share with us.
The MN Credit is coming from Schedule M1MT, Alternative Minimum Tax
If you paid Minnesota alternative minimum tax (AMT) in prior years, but are not required to pay it in 2020, you may qualify for a nonrefundable credit for 2020 or later years by completing Schedule M1MTC.
You may be eligible for this credit if either of the following apply:
- Line 27 is more than line 28 on your 2019 Schedule M1MT, Alternative Minimum Tax
- You have an amount on line 29 of your 2019 Schedule M1MTC
If you paid AMT in one or more years from 1989 through 2019, but did not complete a Schedule M1MTC, complete this schedule to determine any carryover.
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