probably not. the IRS does not maintain returns from that long ago. so you would need another source. . the amt carryover is not necessarily the amt tax you paid. there is a recomputation on form 8801 as to the amount that can be carried forward.
The large AMT carry forward is likely an error but cannot be proven because it was from 2008. May have been glitch in TT system. How do resolve it now? Does IRS have records 10 years back?
Can someone answer this? I have the same problem and I think several people do.
TurboTax and the IRS do not have records from ten years ago. You would have to research your own tax returns,
@leopa
Mary,
You missed the point. I don't think you have your tax returns from 10-12 years ago either. No one does. In 2019, I had a AMT carryover credit of $823 and in 2020 I have an AMT carryover credit of $9,435. What do I do? It can't be right. Can it? Why didn't turbotax alert me of this HUGE change? Zero out the credit (8801) and move on? What would your expert advice be? I cannot re-create why I have this large credit carryover amount.
Thanks for responding so quickly.
I believe TT had an error in their software back in 2010 that took incorrect value from 2009 return and carried over a significant AMT credit to subsequent years... let me know if you find similar situation!
You are correct, I did miss the 2018 question and apologize.. Without being able to look at your return, I cannot tell what caused that error. This is a situation where in depth analysis is needed.
I would not advise you to just zero out the carryover. I know that you have been working on this and don't want to give you advise to do things that you have already tried.
What we would like to do is get a diagnostic copy of your return and analyze it with our software. A diagnostic copy is sanitized and removes all of your personal information.
In Online TurboTax go to Tax Tools, Tools, Share My File with Agent.
In Desktop TurboTax, it is at the top under Online.
Just post the six digit token number and we will research this for you.
Did you get a final response on this question? I believe I have a similar issue with an AMT carryforward.
The IRS statute of limitations to revisit, review or analyze a tax return is generally three years for an audit.
For very large understatements of income (25% or more) or unreported offshore income and assets, the statute is 6 years. It is not clear what statute of limitation applies to carryover items. The answer would depend on what you call "substantial" and the overall picture of your tax return. We would suggest discussing this issue with a professional handling your return.
Substantial AMT carryover credit of $700 in 2017 to a AMT credit of $9300 of 2018. As I have seen from other posts, TurboTax had an error when transferring 2009 to 2010. I realize this is outside of 6 years but TurboTax should provide that information to its customers. If we are all wrong, then let us know that too. Perhaps several people just simply entered tax information improperly.
To access previous years return please click here.
You can also access your transcript from the IRS by clicking here.
I am having the same issue as in this thread with this tax carryforward and I am under audit for 2018 because of it. I have all my tax returns back to 2009 and it looks like this is where the problem starts, but I have looked at all the numbers and cant make much sense of it. How do I get someone from Turbo Tax to help me sort this out? It looks like i have been under paying all the way back because of this.
Again. Another customer. Let me reiterate.
I realize this is outside of 6 years but TurboTax should provide that information to its customers. If we are all wrong, then let us know that too.
Based on other people having the same issue, TurboTax must be aware of a known issue. It's their business. It's like Ford Motor Company knowing of a brake issue on its 2007 Mustang. They KNOW.
TurboTax should provide a forum for customers to submit this issue as a claim and people should be compensated for the software error. TurboTax should first ADMIT the error existed and second pick up the tab.
TurboTax guarantees the accuracy of its returns. If you have an issue with a prior year return and have received a letter for audit from the IRS, you can contact the audit support team for assistance. Please click here for the link.
I, too, got a letter from the IRS about my 2018 return and the issue is a AMT carryover as well.
This seems to be a problem with TT and I cannot get any answers from TT support and a CPA I asked about it said it must have been some sort of error. I've used TT for over a decade.
HELP my tax bill is $14,000 ($4000 of which is penalty and interest)
This is wrong.
If you filed with TurboTax in 2018 and do not have your 2018 return, you can sign into TurboTax with the userid that you filed with in 2018 and download your 2018 return.
Go to Tax Home and then Reports and Documents at the bottom of the page. Click on 2018 and download the 2018 pdf.
If you need to amend the 2018 return follow the directions on the screen.
You generally must file an amended return within three years of the date you filed the original return or within two years after the date you paid the tax, whichever is later.
I'm not sure you understand my problem. I have my 2018 return and I have been audited because of a Turbo Tax error from my years ago that has passed through each year in the carryover credit line.
Yes, I understand I should have noticed this but this is why I use Turbo Tax---because I'm not an expert AND I expect Turbo Tax to flag BIG errors like I know they do every year---except this one, apparently.
So, your answer about how to download an old tax return really isn't very helpful.
Yes it appears that TT had error in 2009 software, it allowed significant $$$ AMT credit and subsequent carryover. I belive it picked up an income amount and turned it into a credit. TT should compensate all of us for interest and penalties.
Yes same issue had to pay $10000, $2000 penalty. TT moderator, will TT help us by paying for your error?
Yes, I do not have older tax return (pre-2013) as we had a hard drive crash so I couldn't tell where the error began but from what I can see from 2012 carryover line on the 2013, it looks like it was a an income amount that went into the credit line and Turbo Tax should immediately flagged that as an error to check.
You most likely need to get 2009 to 2012 tax returns to find error.