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AMT carry over error made in Turbo Tac

I too have just found out based on an IRS audit of my 2021 tax return that turbo tax has been applying a carry over credit in error. Now I need to figure out what to do other than pay the $11,500 tax due and interest. I requested they forgive the penalty as I relied on turbo tax in good faith. Do I need to amend other year returns? Any help is appreciated. So upset that this was a known turbo tax error and they did not reveal it. I am done with turbo tax. 

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2 Replies
PatriciaV
Expert Alumni

AMT carry over error made in Turbo Tac

The AMT Capital Loss Carryover error affected only tax year 2022 returns. The TurboTax program alerted users of this issue in the tax year 2023 return process. As long as you corrected your carryovers for tax year 2023, you would need to amend only tax year 2022.

 

If you are considering invoking the TurboTax accuracy guarantee, see this accuracy guarantee FAQ. You have 60 days to submit a claim.

 

[edited 4/25/2024 | 8:13 PDT]

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AMT carry over error made in Turbo Tac

That information is incorrect. I was not notified and it carried it over multiple years.

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