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Level 3

Report ISO Exercise and Hold for AMT

Hello, I have a question on how to report ISO exercise and hold for AMT. am using the web version of turbotax premier for 2018 tax. I am currently stuck at the follow step:

Screenshot from 2019-02-12 14-03-33.pngScreenshot from 2019-02-12 14-04-45.png

I don't know what to fill here...

I was expecting it to be more intuitive, like how it was reported in the regular tax section, see below:

Screenshot from 2019-02-12 14-05-57.pngScreenshot from 2019-02-12 14-06-29.png

Screenshot from 2019-02-12 14-12-33.png

 

Please help! Thank you very much in advance!

 

 

4 Replies
Level 14

Report ISO Exercise and Hold for AMT

 

please read the link below 

 

does that clear up how to approach? (espcially see the 1st of the 5 variations - does that cover your situation?)

 

https://turbotax.intuit.com/tax-tips/investments-and-taxes/incentive-stock-options/L4azWgfwy

 

why do you think you have an AMT adjustment? 

 

 

Level 2

Report ISO Exercise and Hold for AMT

If you fill out your ISO exercise and hold information in the Wages and Income section of your return, TurboTax will automatically calculate AMT for you. Once you click that you held your exercise, it should ask if you received a form 3921 from your employer and you will then input your information (date option granted, date(s) exercised, exercise price per share, FMV per share on exercise date, and number of shares transferred). Turbo Tax will then calculate your additional income (FMV per share - exercise price per share x number of shares exercised). Once you continue on in your return, past wages and income and onto Other Tax Situations, it will show a calculation for AMT and let you know if you owe any or not. I agree, it's confusing when you click Other Tax Situations and they ask if you exercised ISOs, you click yes, and then none of the options are related to that; but then they don't tell you to go back and fill out that information in the Wages and Income section to get your AMT calculated. 

Highlighted
Level 2

Report ISO Exercise and Hold for AMT

This is very helpful! One quick follow up - if there is no AMT due, does form 3921 still need to be filed with the return?

Employee Tax Expert

Report ISO Exercise and Hold for AMT

@sp28b  No, you do not have to file Form 3921 with your tax return.