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How do I know if we ever had to pay the alternative minimum tax (AMT)? If I don't know for sure, is it safe to just say "No, we didn't"?

 
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5 Replies
LinaJ2020
Expert Alumni

How do I know if we ever had to pay the alternative minimum tax (AMT)? If I don't know for sure, is it safe to just say "No, we didn't"?

No, if you do not know for sure, please check your past tax forms.  Look for a Form 6251 AMT.  If you filed a Form 6251 in the past, you have paid AMT.  

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How do I know if we ever had to pay the alternative minimum tax (AMT)? If I don't know for sure, is it safe to just say "No, we didn't"?

If I have been using TurboTax for tax returns shouldn't it know whether I have paid AMT in prior year?  I have the same doubt on whether I have any carry overs

 

thanks in advance,

CatinaT1
Employee Tax Expert

How do I know if we ever had to pay the alternative minimum tax (AMT)? If I don't know for sure, is it safe to just say "No, we didn't"?

Yes, if you use the same TurboTax account year to year, that information will automatically carry over.

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How do I know if we ever had to pay the alternative minimum tax (AMT)? If I don't know for sure, is it safe to just say "No, we didn't"?

but I was not using the Web version of TurboTax.  I have been using the desktop version year over year and imports prior year’s file.  So if I don’t see those field filled I can safely assume I didn’t have the prior year?

 

Similarly for Capital Loss Carryover from 2018, TurboTax is asking me to fill in but if I did have any carryover from 2018 it would have been auto filled right?

VictoriaD75
Employee Tax Expert

How do I know if we ever had to pay the alternative minimum tax (AMT)? If I don't know for sure, is it safe to just say "No, we didn't"?

For 2018, the 28% AMT rate starts when AMT income exceeds $191,500 for married joint-filing couples and $95,750 for others. You are allowed an AMT exemption, which is deducted in calculating AMT income. The TCJA significantly increases the exemption amounts for 2018-2025.

 

AMT would have been reported on Form 6251 in your tax return if it applied.

 

Carryover losses would be reported on Schedule D and the Capital Loss Carryover Worksheet.

 

If you used TurboTax in the past, your information should carryover into the current year. However, if you switched from a desktop version to online or vice versa, this will not happen automatically.

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