AMT credit carryover

[tinavo2020]

Hi,

I had AMT credit carryover balance in the 2018 return (form 8801 line 26), but I missed to utilize it and did not maintain the carryover balance in the 2019 & 2020 return.  TurboTax did not ask or remind me either.  I think I can utilize this AMT credit carryover on the 2021 return.  However, TurboTax does now allow me to enter the amount on the box "Credit from AMT paid in prior years", probably because it does not see the amount on the 2020 8801 line 26.  What should I do?

Thank you.

Tina

[DianeW777]

You must indicate you have a credit from Form 8801 from your 2020 tax return.  You can review your 2019 and 2020 tax returns to be sure the credit does continue to carryover.  If so you can select the checkbox 'My 2020 return includes Form 8801' then enter your amount.  You do not have to amend before you file your 2021 tax return, but you should amend the 2019 and 2020 to show the carryover is present.

• How to amend (change or correct) a return already filed?

[tinavo2020]

Dear Diane,

Truly appreciate your quick response to my question.  It's right to the point.  However, when I click "Update" on the section "Credit for AMT paid in prior years", TurboTax stopped me with the message that I'm not qualified and does not give me the option to go further.  How can I get to the screen as you showed below?

Sincerely,

Tina

[AmyC]

If you have to pay AMT for this year, you can't take the credit so the program will say that you do not qualify. You will need to wait for another year.

[tinavo2020]

Dear Amy,

I'll keep notes for that.  Thank you for your response.

Regards,

Tina