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I have filed with TurboTax online for many years, how can I review my AMT loss carryover from prior years?

The carry over amounts for AMT and regular tax are very different, I want to understand where this difference came from.
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3 Replies
KeshaH
Employee Tax Expert

I have filed with TurboTax online for many years, how can I review my AMT loss carryover from prior years?

The difference between your regular tax loss carryover and AMT carryover usually comes from how certain deductions and income are treated differently under the two sets of rules. Some expenses that are deductible under regular tax rules might be limited or not allowed at all under AMT calculations.

 

You can review how your AMT losses were calculated by reviewing your prior year Forms 6251 (Alternative Minimum Tax) from your tax return.

I have filed with TurboTax online for many years, how can I review my AMT loss carryover from prior years?

None of my prior tax years have any forms 6251. I am able to find "Capital Loss Carryover Worksheet" and "Capital Gains and Losses as Refigured for the Alternative Minimum Tax" online by going back to my 2023 and 2022 returns, ammending them and then printing out the return with worksheets.

 

For earlier years (2021-2018) there is a .tax file I can download, but I don't know how to read those.

RobertB4444
Employee Tax Expert

I have filed with TurboTax online for many years, how can I review my AMT loss carryover from prior years?

That means that you haven't had to pay the AMT tax in those prior years.  Which means that you don't need to worry about those amounts.  

 

The AMT was designed to stop high income taxpayers who didn't pay any income taxes through using too many deductions the pay an extra amount of tax by eliminating some of those deductions.  That is why the amounts are so different.  But the system calculates that for everyone.  It doesn't mean that you will be responsible for paying it.

 

@waldo-bastian 

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