turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Giant AMT Tax Added (an Error?) Something is being double-counted

Hi Turbo Tax,

I had prepared 99% of my return in APril and sent in my pre-payment that was estimated at that time.

Now it's August, and I am reviewing in preparation to file.  I noticed that turbo tax is now saying I owe an additional $$$ giant AMT bill.  I think this is an error

 

It is a little opaque to see how Turbo Tax may be calculating this information, but it seems to say I had a large disposition of assets. I think this may be double-counting some stock that was given to my husband through his job and already reported as our W-2 income.

How can I review and correct this?

Thank you,

Emily

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

5 Replies

Giant AMT Tax Added (an Error?) Something is being double-counted

Review the entire return before you file ... use the PRINT CENTER under the TOOLS section ...

 

print center 2021 .jpg

Giant AMT Tax Added (an Error?) Something is being double-counted

especially review form 6251 which is the form on which the AMT is calculated.

 

Giant AMT Tax Added (an Error?) Something is being double-counted

Hi Champ.  Yes, I did review that it it said I had over $150K of Disposition of assets.   

 

I did not sell any stock or real estate, so I am trying to find out what this is from.  Can I dig into this number?

 

 

Disposition of proprty.jpg

Giant AMT Tax Added (an Error?) Something is being double-counted

Update: I was able to use the step-by-step forms to trace this amount from 6251 back to it's origin on Schedule D.

I believe the problem is that my husband receives part of his compensation from work as vested stock which he receives every 6 months.  We sell it right away.  This is part of his income on the W-2.

It seems like we also had to enter it onto Schedule D, and it is getting double-counted. 

 

I had already entered them in as RSU's on the W-2 interview.

It seems like we have located the source of the additional income.  So now I have to figure out how to not get it double-counted.

 

Schedule D.jpg

Giant AMT Tax Added (an Error?) Something is being double-counted

@Emily-2Q2Q - why is there no cost basis on Schedule D? is that the problem? if the RSUs are recorded in the W-2 and you sell the shares as soon as they vest, the gain / loss on sale should be rather small.  The cost basis should be the same as what is recorded in the W-2 as income.  is there really two sales on 5/21 or is that a duplicate? 

 

just ideas to persue.,  

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies