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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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.
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