Solved: I paid AMT tax last year. Do any of my exemptions etc that weren't deductible carry over?
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I paid AMT tax last year. Do any of my exemptions etc that weren't deductible carry over?

 
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I paid AMT tax last year. Do any of my exemptions etc that weren't deductible carry over?

No, the exemptions or deductions that were added back to your income to calculate AMT will not carry over to next year.  

The amounts were still deductible as part of your regular tax calculation and, without them, your regular tax would have been higher and AMT maybe lower, so the net effect would have been zero.  In short, it doesn't matter whether the exemptions and deductions were used in the AMT calculation, they were still deductible for regular tax, and therefore do not carry over.

There are some items that can create an AMT credit for next year, but those are items of timing differences, meaning they were taxable for AMT in 2017 but not taxable for regular tax purposes, but items that affected both regular tax and AMT do not carry over nor create an AMT credit.

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New Member

I paid AMT tax last year. Do any of my exemptions etc that weren't deductible carry over?

No, the exemptions or deductions that were added back to your income to calculate AMT will not carry over to next year.  

The amounts were still deductible as part of your regular tax calculation and, without them, your regular tax would have been higher and AMT maybe lower, so the net effect would have been zero.  In short, it doesn't matter whether the exemptions and deductions were used in the AMT calculation, they were still deductible for regular tax, and therefore do not carry over.

There are some items that can create an AMT credit for next year, but those are items of timing differences, meaning they were taxable for AMT in 2017 but not taxable for regular tax purposes, but items that affected both regular tax and AMT do not carry over nor create an AMT credit.

View solution in original post

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