How do I reply to the pop up for California that asks if my capital gain carry over is the same as for the Federal return and secondly is my AMT the same???

[Anita01]

What did you sell to generate the capital gain? Was it an item that you depreciated?

[michaelkennedyp]

It was all stock market loss.  Turbo Tax states "you have a capital loss carryover of ten thousand on your federal return" Then asks "Enter the Calif capital loss carryover" and also asks what the AMT capital Loss carryover is.  I have never paid any AMT.

[cchanin]

I have the same question...I can find my California capital loss carryover-it's on a worksheet from last year--but it does not say what my California AMT capital loss is!?

[Anita01 · Accepted solution]

The differences in carryover losses between the federal and the state arise form different amounts of depreciation that could have been taken in the state vs. the Federal.  If you have no depreciable assets that contributed to the carryover, and did not pay AMT, then your federal and state carryover amounts would be the same.

[cchanin]

is my capital loss carryover the same for AMT as regular tax? I know it is for IRA--it is on last yrs worksheet. But is it for California--the CA worksheet only shows regular tax carryover (not AMT)

[Anita01]

You mean you closed all your IRAs and had a loss?  Capital losses for Schedule D are not affected by AMT. with no depreciation involved

[cchanin]

where do I find AMT capital carryover loss on last years' California forms? I do not have an IRA. But I do have a CA carryover capital loss. I need to find my CA AMT capitol carryover loss