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Marcia13
Returning Member

Problem with Capital Loss carryover for AMT

AMT was triggered when generating my 2023 taxes.  I noticed that my carryover capital losses were only applying to regular taxes, not AMT.  I have tried both downloading from the 2022 filing (see notes below showing that the carryover listed in 2022 as applicable to AMT), and manually entering the values, but the AMT carryover always reverts to 0 (zero)

 

Reviewing my 2022 files, It shows the carryover as BOTH regular tax and AMT on the Capital Loss Carryforward work sheet.  Likewise these carryovers show up as both regular and AMT on Lines 12 (a)(b) and 13 (a)(b) of the Federal Carryover worksheet.

 

(capitals are for emphasis, not shouting)  HOW CAN I APPLY MY CAPITAL LOSS CARRYOVER TO DETERMINE AMT?

 

Marcia13

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1 Reply
JotikaT2
Employee Tax Expert

Problem with Capital Loss carryover for AMT

If your tax return is generating Alternative Minimum Tax(AMT), your AMT capital loss carryforward will automatically be used to offset your AMT.  I suggest you review your entries to make sure you are indeed subject to AMT.  

 

To do this, log back into TurboTax.

 

  1. Select the Federal Taxes tab and then select Other Tax Situations.
  2. Select State/update to the right of Alternative Minimum Tax (AMT).
  3. Proceed to answer the questions in this section starting with the screen titled "Let's see if you need to pay the alternative minimum tax (AMT) this year."
  4. Answer the questions and mark the boxes as it applies to your situation.  
  5. You will then see a screen titled "As it stands right now, your final number" followed by the amount of AMT you are subject to.  If the amount is $0, you do not owe any AMT.  If there is a value for the AMT, select the arrow that says "show more" and scroll down.  You will see the break down of your regular taxes as well as your AMT taxes.

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