When entering information for the Capital loss Carryover - I understand that I use my 2024 tax return for the following items Net short term capital gain/loss, Net long term capital gain/loss, allowable loss, Income before exemptions, Net AMT short term capital gain/loss, Net AMT long term capital gain/loss, AMT allowable loss. But my question is on the AMT taxable income ... do I use 2024 or is this 2025 ? If it is 2024 where do I find this amount on the 2024 tax return.
Thanks in advance.
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You use the 2024 AMT income. You find that on line 4 of Form 6251. If the amount is negative, enter it as a negative number.
Turbo tax is asking for your 2024 AMT loss carryovers if you had any, which is rare. You would only have that if your capital losses for AMT purposes were different than for regular tax purposes. If so, then you would find those on the Schedule D you prepared for AMT purposes as opposed to the one used for regular tax purposes.
Thanks for the info ... however I did have a carryover loss for 2025 from the 2024 taxes but did not have the form 6251.
Now what ?
Again thank you for the information - I was able to figure this out from the information I found on the TurboTax program.
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