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doreenbi
New Member

HOW TO GET CREDIT FOR ADDITIONAL MINIMUM TAX (AMT) PAID IN PREVIOUS YEARS

In 2016 I sold a rental property and had to pay a substantial AMT. In 2017 I again had to pay an AMT because the sale of equities resulted in significant capital gains.
Turbotax generated Form 6251 in both years.
I had no unusual income in 2018 and am not required to pay an AMT.

May I ask why Turbotax is not generating a "Credit for Prior-Year Minimum Tax --Form 8801"?  How do I get a credit from the AMT paid in 2016 and 2017?
1 Best answer

Accepted Solutions
Cindy0H
New Member

HOW TO GET CREDIT FOR ADDITIONAL MINIMUM TAX (AMT) PAID IN PREVIOUS YEARS

You might be able to claim a credit on this year's return if you paid the AMT (alternative minimum tax) in a prior year because of timing items.

Timing items are certain income items that you can postpone paying taxes on, the most common ones being incentive stock options (ISOs) and intangible drilling costs connected with an oil or gas activity.

If you used TurboTax last year and you qualify, we’ll handle this credit for you. 

If you want to try this:

  • Federal
  • Deductions & Credits
  • Estimates and Other Taxes Paid
  • Credit for AMT Paid in Prior Year

View solution in original post

2 Replies
Cindy0H
New Member

HOW TO GET CREDIT FOR ADDITIONAL MINIMUM TAX (AMT) PAID IN PREVIOUS YEARS

You might be able to claim a credit on this year's return if you paid the AMT (alternative minimum tax) in a prior year because of timing items.

Timing items are certain income items that you can postpone paying taxes on, the most common ones being incentive stock options (ISOs) and intangible drilling costs connected with an oil or gas activity.

If you used TurboTax last year and you qualify, we’ll handle this credit for you. 

If you want to try this:

  • Federal
  • Deductions & Credits
  • Estimates and Other Taxes Paid
  • Credit for AMT Paid in Prior Year
taxgalgal2023
New Member

HOW TO GET CREDIT FOR ADDITIONAL MINIMUM TAX (AMT) PAID IN PREVIOUS YEARS

Hey - if this is my first time using Turbo Tax and I have AMT credit to use from Previous years can turbo tax handle that 

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