form 6261 AMT

Forum|Forum|6 years ago
February 24, 2020
2 replies
12 views

I am using 2019 turbo tax as I did in 2018. My 2019 turbo tax return reflects a 2018 AMT carry over which exceeds my 2019 regular tax resulting in having to pay increased taxes based on the AMT amount. Tubro Tax refers me to see my form 2018 6251. After reviewing my 2018 return, 6251 is not present. What do I do to obtain the form turbo tax generated?

KarenJ2

Level 13

Without seeing your return, I am not sure what is going on. Every year your return is calculated first for regular tax and then for AMT tax. You end up paying the higher of the 2 taxes each year. The only item of AMT that is carried forward is the AMT credit (TMT) that is generated by only a few items such as incentive stock options and depreciation differences. Please see if you had Form 8801 in your 2018 tax return. This is the form that keeps track of any AMT credit carryforward.

You may have entered information into TurboTax regarding possible AMT credit from prior years that is incorrect..

If you did have an AMT credit carryforward it would reduce your taxes, not increase your taxes.

To see if you entered any information for AMT credit carryover in 2019 TurboTax:

Open Federal Taxes
Click on Deductions & Credits
Scroll Down to Estimates and Other Taxes Paid
Scroll Down to Credit for AMT Paid in Prior Years.
Click Start or Update

Keep us posted.

[Edited 02.24.20 | 2:00 pm]

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shriram51

Level 2

Open Turbo Tax 2018. Click on Forms (top menu), click on Open Forms. Type 6251. Select "Form 6251: Alternative Minimum Tax" and click Open. It shows full details of the calculation including the information required for 2019 (line 4).