While using the installed version of 2023 Turbo Tax Home & Business, it may ask the user to verify that Line 4 of 2022 Form 6251 is correct. Although 2022 Turbo Tax Home & Business saved the available records, worksheets, forms, etc., as PDFs, there may be no trace of Form 6251 in any of them. On this same page, is a blue link "What if I don't have Form 6251?", with a lot of gobbledygook, ending with "If you don't know your AMTI, most people will get the same result using your "regular" taxable income (2022 Form 1040, 10)."
However, 2022 Form 1040, Line 10 is NOT "Taxable Income" (it's "Adjustments to income from Schedule 1, line 26"). Taxable Income is Line 15 - but even then, it is not the same as the AMT. This is beyond sloppy, and irresponsible. I reported this same issue to TurboTax in 2021, while preparing 2020 taxes - but they still have not addressed it.
At a minimum, Turbo Tax should at least advise the User that they could try re-installing the older version of TurboTax (assuming they are able to and it is not still installed), go to the "Forms" screen, and enter "6251" in the search box - which may produce a completed 2022 Form 6251.
Better yet, TurboTax could just include Form 6251 in the list of "Key Calculation Sheets". Or even better than that, TurboTax could stop asking the User to provide information that TurboTax already calculated and stored the previous year.
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Exactly. This is so confusing!
Well, I see that there is no answer about the instructions referring to the wrong line on the 2022 tax form which is needed to complete 2023 Capital Loss Carryover! 2022 1040 Line 15 is indeed total taxable income but line 9 is is Total Income. So, which is really intended: the one line number off or five lines later? I would really appreciate an answer because this topic is foreign enough to me to just leave TT and run to an accountant by default from now on.
Sorry this comment comes without a solution. Ironically, it's good to know that others noticed and flagged on-going problems and discrepancies from lack of historical Form 6251s, insufficient and unreliable definitions and references, etc. Very concerning situations.
Can you clarify what line of the form is the problem? I did a search through the form and instructions (use control F) trying to figure out where you are and what you need.
AmyC,
You asked "Can you clarify what line of the form is the problem?". I'm not sure what you mean by 'what line?'. I encounter this issue while entering information using Turbo Tax Home & Business installed on my PC, as follows: Under the "Personal Income" tab, under the heading "Investment Income", for "Capital Loss Carryover", and clicking the "Update" button. Then clicking the "Yes, I'll review the amounts used to figure out my carryover now. (Recommended based on info we transferred from your 2022 return)." Then clicking "Continue", and a new screen appears ("Let's get some info from your 2022 tax return"). Then clicking "Continue", and a new screen appears ("Do you have different capital loss carryover amounts for AMT?"). Click "No." and clicking "Continue". A new screen appears ("We need one last item from your 2022 Form 6251, you used for AMT"), and it requires the user to enter "Alternate minimum taxable income (Form 6251, Line 4)".
Unfortunately Turbo Tax does not include Form 6251 in any of the numerous PDFs selections offered for download upon completion of 2022 taxes; instead, the user must know (a year in advance, while the opportunity is available) to search for this form, individually, and save it - separate from the PDF selections that are offered upon completing returns.
Nevertheless, picking up where I left off above, on this same screen ("We need one last item from your 2022 Form 6251, you used for AMT"), is a blue link "What if I don't have Form 6251?". Clicking this link open a box of filled with mostly useless (for the purposes of finding the needed dollar amount) and erroneous information, such as "If you think your AMTI might be different than your "regular" taxable income (Form 1040, line 10), you'll need to determine what your 2022 Alternative Minimum Taxable Income was and enter it here. If you don't know your AMTI, most people will get the same result using your "regular" taxable income (2022 Form 1040, 10)."
Notice how the last sentence includes a reference to "2022 Form 1040, 10", without even including the word "Line" before the "10" (how sloppy is that?). More importantly, Line 10 on 2022 Form 1040 is not AMT, not even close. Additionally, even if Line 10 were "Taxable Income" (which it is not), 'Taxable Income' is not the same as Line 4 of the elusive Form 6251 (at least not for my case).
This is obviously a neglected part of the Turbo Tax program, that has been deficient for at least a couple of years. Why would Turbo Tax need to send the user off on a research project to determine an amount that Turbo Tax had already determined the year before, and should have retained and pulled over from the prior year return? Also, why not include Form 6251 in the PDFs that are offered for downloading at filing time, so that the user will have access to it when Turbo Tax inquires about it the following year?
Did anyone find an answer as to what to be included? Thanks!
Update:
Reading OP's question again, I was able to look at my return, fortunately I haven't uninstalled TT2022, was able to get the Form 6251 AMT (even though, it wasn't filed), from the return (not PDF).
For someone running into the same issue, if you have the PDF of 2022 return and have all worksheets, search for the page titled
Capital Loss Carryforward Worksheet 2023
Capital Loss Carryforward from 2022 to 2023
Keep for your records
And use the value from line number 1, under "Alternative Minimum Tax"; that number seems to match what is in 6251 (at least for me)
Thanks!
For those that uninstalled the TurboTax desktop software or never had it installed in the first place, I found that you can download the older TurboTax software for free from Turbo Tax. I posted about my experience getting data from Form 6251 for a previous year here.
In summary, to download the older TurboTax desktop software:
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