Why did I get a schedule D for AMT?

Forum|Forum|2 years ago
March 19, 2024
2 replies
2 views

I just noticed on my 2022 return that a schedule D for AMT was created (on top of the regular schedule D)? I didn't get that for 2021 or for (still working on them) 2023

Why would that be? I was not hit by AMT

For 2023 I get a 'TY21 -> TY22 conversion AMT capital loss carryover adjustment smart worksheet', what I think it may be related.

cbm51

Level 2

Not sure why 2022 generated the Schedule D AMT and 2021 did not, but I had the same issue. TT was asking for information from a 2021 Schedule D AMT that was never generated. After much head scratching, I went back into TurboTax 2021 program (had to shutdown 2023 version - won't run both at the same time) and asked it for the form and it generated it for me. I was able to pull the info requested and was on my way again.

BTW - the AMT forms/worksheets are generated to determine whether or not you owe AMT (Alternative Minimum Tax). Most do not owe AMT, but the determination is necessary.

nc001Author

Level 4

Thanks... that is the workaround for my 2023 return when is asking me about 2021 schedule D for AMT . I see I can create schedule D for AMT when I go to the 'Forms' view. Schedule D for AMT is the same than regular schedule D.

ballrmdancer

Level 2

Seems a case similar to mine.

Look at the previous answers.

You get the scheduleD-AMT for 2021 by going to Turbotax 2021 and on the form view, asking for that form. It was identical to scheduleD-nonAMT.

So line 9 Capital Loss Carryover Worksheet (CLCW) uses the scheduleD-line15 of previous year, separately for AMT and non-AMT. Probably you got CLCW line 9 for 2022 incorrect, like me (couldn't find that number anyplace, invented?) from 2021.

In my case, it created a scheduleD-AMT for 2022 because of the different CLWS-AMT. And CLWS-AMT for 2023 became different also, and it created a scheduleD-AMT.

So that seems a bug, a perhaps it was triggered because of change of not using simplified 1116 method for AMT (this affects only 1116, so it should not be related). Or perhaps the bug was triggered by some other reason.

Turbotax 2023 tried to adjust CLWS-AMT for 2023 and 2022, but the correction was giving different numbers between CLWS-AMT and CLWS-nonAMT. So it was generating still scheduleD-AMT. However, after I did the Turbotax review, it asked me for scheduleD-AMT-line15 for 2021 (the original incorrect value). After I add it, CLWS-AMT and CLWS-nonAMT matched and scheduleD disappeared.

So it would seem Turbotax 2023 was aware of a bug on 2022 and introduced a fix for it. But this fix would need info from 2021.

Thanks for your response. I can't request certain forms to be produced in Online TurboTax (seems only desktop version has that option). I was able to download worksheets, but I don't have a "Capital Loss Carryover Worksheet". I only have a "Capital Loss Carryforward Worksheet". The only Carryover worksheet I have is the "Federal Carryover Worksheet" which has a "Loss and Expenses Carryover" section numbered 12-17 which don't align with the numbers you and others mentioned. So, I don't know where to get the 2021 Schedule D AMT Line 15 that is supposed to come from the 2022 Capital Loss Carryover Worksheet which I don't have. Line 15 from my 2022 Schedule D AMT is different from Line 15 from my regular 2022 Schedule D. But, I don't have a 2021 Schedule D AMT form and can't produce one from Online TurboTax and also don't have a 2022 Capital Loss Carryover Worksheet , so where do I get that Line 15 Schedule D AMT value from then?

ThomasM125

Level 15

If your capital gains and losses for AMT purposes are different then your capital gains and losses for regular tax purposes, you would need a separate schedule D to report them. If you're not subject to an AMT tax in the current year, then the separate schedule would not affect your tax in the current year, but a net capital loss can be carried over to future years so it may need to be reported on schedule D for regular tax purposes as well as for AMT tax purposes.

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nc001Author

Level 4

Why would my capital gains and losses for AMT be different?

I followed 2022 return and the difference comes down to 'Capital Loss Carryover Worksheet' in line '9 Enter the loss from your 2021 Schedule D, line 15, as a positive amount '. There are 2 columns . 'Regular Tax' columns uses line of schedule D of line 15 from 2021. 'Alternative Minimum Tax' uses a different number that I don't know where it's coming from.

I usually file 1116. I think by mistake on 2021 I choose to use the non simplified method to fill 1116 for AMT purposes. On 2022 I went back to the simplified method. I am not sure why this would matter. I was never hit with AMT.

nc001Author

Level 4

Also for 2023, TurboTax still generates a schedule D and the 'Capital Loss Carryover Worksheet' is corrected for 2023 (using values of 2022) and 2022 (using values of 2022). Is it trying to fix a bug? Still, it doesn't seem quite right to me if I assume that for 2021 schedule D should be the same than schedule D for AMT.