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Level 2
April 6, 2022
Solved

Alternative minimum tax

  • April 6, 2022
  • 1 reply
  • 11 views

Hello,

I understand there is an Alternative minimum tax.

Is the TurboTax software automatically calculating this with the information I have entered or do I need to do something else as a first time US Tax filling?

Many thanks

    Best answer by AnnetteB6

    TurboTax automatically does the calculations for the Alternative Minimum Tax (AMT) in parallel with the regular tax system.  There is nothing specific that you need to do to determine whether you are subject to the AMT.

     

    To learn more, take a look at the following TurboTax help article:

     

    What is the Alternative Minimum Tax (AMT) in 2021?

    1 reply

    AnnetteB6Answer
    Level 15
    April 6, 2022

    TurboTax automatically does the calculations for the Alternative Minimum Tax (AMT) in parallel with the regular tax system.  There is nothing specific that you need to do to determine whether you are subject to the AMT.

     

    To learn more, take a look at the following TurboTax help article:

     

    What is the Alternative Minimum Tax (AMT) in 2021?

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    kav beeAuthor
    Level 2
    April 6, 2022

    Many thanks for your answer.

    I assume the same applies for Net Investment Income Tax (NIIT) - if anything applies to my situation, TurboTax software will flag it?

    Many thanks.

     

    MaryK4
    Level 15
    April 6, 2022

    Yes TurboTax will prepare the Form 8960 is needed.  See What is Form 8960: Net Investment Income Tax - TurboTax  @kav bee 

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