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unknown00
Returning Member

Panic - how do I fix 2020 > 2021 AMT capital loss carryover known issue to fix 2024 taxes?

2024 taxes I got hit with AMT. The number seemed so off, and after a long time researching I found the root issue to be AMT capital loss carryover not happening from 2020 > 2021. There are plenty of similar threads around this.  

 

Now in 2024, what can I do? Do I need to amend 21, 22, 23? Is there anyway to just input proper calculations in 24? A lot in this forum point to a "AMT capital loss carryover adjustment smart worksheet" but that is 2023 only and not 2024. What should I do?

I noticed there's now a "You probably don't, but we have to ask—do you have different carryover amounts for AMT?" section, just use that?

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PatriciaV
Expert Alumni

Panic - how do I fix 2020 > 2021 AMT capital loss carryover known issue to fix 2024 taxes?

Yes, if you know of an AMT carryover missing or incorrect on past returns, agree that you have different carryover amounts for AMT and enter the correct values. Even if your current return isn't impacted by the change, you can fix the amounts carried forward to future tax returns.

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