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hkaddict1
New Member

Alternative Minimum tax credit. turbo tax says I have AMT of $4421. but we have no timing items. How can we correct it?

Everything else looks right on my return except for this AMT thing.
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1 Reply
AmyC
Employee Tax Expert

Alternative Minimum tax credit. turbo tax says I have AMT of $4421. but we have no timing items. How can we correct it?

AMT is about more than stock timing.  Things as simple as state refunds can be included. Topic No. 556 Alternative Minimum Tax - IRS— The alternative minimum tax (AMT) applies to taxpayers with high economic income by setting a limit on those benefits.

 

Take a look at your 6251 and see which items are selected. Instructions for Form 6251  state:

Attach Form 6251 to your return if any of the following statements are true.

Form 6251, line 7, is greater than line 10.

You claim any general business credit, and either line 6 (in Part I) of Form 3800 or line 25 of Form 3800 is more than zero.

You claim the qualified electric vehicle credit (Form 8834), the personal-use part of the alternative fuel vehicle refueling property credit (Form 8911), or the credit for prior year minimum tax (Form 8801).

The total of Form 6251, lines 2c through 3, is negative and line 7 would be greater than line 10 if you didn’t take into account lines 2c through 3.

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