AMT calculation & treatment of Long-Term Capital Gains

[thelastdj]

Hello, I have both capital gains and losses (from trading activity) attributed to the tax year 2022. I have a positive total short-term capital gains number and a negative long-term capitals gains number. The normal calculation (Schedule D) offsets the gains with my losses. However, when I calculate AMT, the schedule D AMT version adds back the long-term losses I was able to use to offset my gains doing the standard calculation. So my AMT income amount is higher than the standard calculation. My question is does the AMT tax code not allow using long-term capital losses to offset short-term gains because that is how TurboTax is treating this situation. Thanks in advance! 

[tagteam]

@Mike9241 

[Mike9241]

i can't think of a reason unless you had a capital loss carryover from 2021. I found turbotax miscalculatd the  

AMT S-t and L-t c/o from 2021 to 2022.

otherwise look at form 6251 to see which line the AMT adjustment is posted to. 

I did think of one possible reason. you traded Publicly Traded Partnerships and the K-1 sales schedule had adjustment for AMT purposes which would mean your gain/loss for regular tax purposes would be different than that reported for AMT gain/loss

[thelastdj]

Thanks Mike. There was no carryover from the prior year. The LT Capital losses are added back to income on line 2k in part 1 (disposition of property) on Form 6251. The source of the problem in Turbotax is line 10 of the Schedule D AMT which does not contain the long term loss which carry's over to the Form 6251 whereas it does in the regular Schedule D. Do you see this as an error by Turbotax because I can't find any materials online about the omssion of LT capital losses when calculating AMT. Thanks.

David

[thelastdj]

Appreciate the context. I have no K1s on my return this year so probably not relevant.