Click on Start or Revisit next to Credit for AMT paid in a prior year and follow the instructions on the screen. You will need your 2020 tax return to complete this section.
Timing items are income or deductions that are reported for AMT on a different timeline than your regular taxes, the most common ones being incentive stock options (ISOs) and intangible drilling costs connected with an oil or gas activity. In these cases, sometimes income tax is paid faster or deductions are postponed over multiple years. Examples include depreciation and passive activity losses.
If you paid AMT for any of the following common reasons, you probably don't qualify for this credit:
Thank you but I do not have that option. I follow those steps and then I just get this page. I can't edit it.
To clarify, has your 2021 program carried over from your 2020 account the proper credit?
What makes you think the amount is incorrect?
I originally entered an estimate to see how it would affect my deductions to make a decision at the end of last year. I did not use turbotax for last year's taxes. I just need to be able to clear this amount out. Thanks!
You should be able to edit your entry. See How do I enter my prior year alternative minimum tax credit Go back in and delete/correct your entries.
Thanks. That doesn't work. There's no way to edit it. I was able to clear out the field by workign with TT support. By going to tools-->"Delete a form" and deleted the form. However now I can't add anything for the amount at all it just says
"It turns out you don't qualify for this credit"