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No, if you do not know for sure, please check your past tax forms. Look for a Form 6251 AMT. If you filed a Form 6251 in the past, you have paid AMT.
If I have been using TurboTax for tax returns shouldn't it know whether I have paid AMT in prior year? I have the same doubt on whether I have any carry overs
thanks in advance,
Yes, if you use the same TurboTax account year to year, that information will automatically carry over.
but I was not using the Web version of TurboTax. I have been using the desktop version year over year and imports prior year’s file. So if I don’t see those field filled I can safely assume I didn’t have the prior year?
Similarly for Capital Loss Carryover from 2018, TurboTax is asking me to fill in but if I did have any carryover from 2018 it would have been auto filled right?
For 2018, the 28% AMT rate starts when AMT income exceeds $191,500 for married joint-filing couples and $95,750 for others. You are allowed an AMT exemption, which is deducted in calculating AMT income. The TCJA significantly increases the exemption amounts for 2018-2025.
AMT would have been reported on Form 6251 in your tax return if it applied.
Carryover losses would be reported on Schedule D and the Capital Loss Carryover Worksheet.
If you used TurboTax in the past, your information should carryover into the current year. However, if you switched from a desktop version to online or vice versa, this will not happen automatically.
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