Hi,
We got capital loss back in 2020 and Turbo Tax calculated the same amount of short-term capital loss carryover from 2020 to 2021 about $10k for regular tax and AMT. But then in 2021 tax return, Turbo Tax re-figured the capital loss carryover from 2020 to 2021 to $15k for AMT. I didn't notice that change until this year as Turbo Tax asked me to input the capital loss carryover for AMT from 2021 to 2022, which i was not asked to do in 2021 tax return.
My questions are:
- For capital loss carryover from 2020 to 2021for AMT, why did Turbo Tax recalculate and increased that by $5k in 2021 tax return for AMT while in 2020 tax return that was the same for two tax systems. what is the reason for that? I couldn't think of any reason that would cause this change between the years. I would have expected 2021 tax return to use the amount from 2020 return, which was $10k not $15k.
- Also, for three returns, only 2021 has Schedule D AMT worksheets but not 2020 or 2022. Why is that?
- If the Schedule D AMT is created because of cost basis difference for certain stocks, what kind of stocks would have different cost basis for regular tax and AMT? we didn't have ISO or other stock compensations at all, just regular trading of stocks/futures/cryptocurrency.
I tried searching on IRS.gov or googling the topic but with no luck. Any help or information would be greatly appreciated.
Thanks!