Alternative minimum tax

[kav bee]

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

[AnnetteB6 · Accepted solution]

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?

[kav bee]

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 · Accepted solution]

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