Preparing my 2023 taxes with Turbo Tax Premier.
I had Capital losses in 2021 that have carried over to this year. There is sufficient carryover to cover all my gains for 2023.
My 2022 forms all show the carryover losses applying for both regular and AMT calculations.
TT has determined I am going to have to file with AMT :(
I an unable to apply the carryover to the AMT calculations. I have tried downloading the 2022 data, but the AMT carryover shows as $0. I then edited the section and manually entered the data. First time through, I selected that there was no difference between regular and AMT, but the AMT carryover came out as $0. I then selected that regular and AMT carryover was different, and was able to enter the values, but the Tax Due never changed, and looking at the various forms, the carryover for AMT remains zero, even if the data entry screen has the right values.
HOW CAN I APPLY CARRYOVER LOSSES TO MY AMT CALCULATIONS?
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The AMT is designed to tax higher income individuals who have reduced their income through use of deductions and credits by a large amount. So the AMT says "what would their tax be if...." and adds that amount.
The amount of capital losses allowed in AMT is always different but in your case is being completely disallowed because the AMT is figuring your tax as though you had no capital loss carryforward.
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