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New Member
posted Mar 7, 2022 4:35:14 AM

The Alternative Minimum Tax Carryover for 2021 is showing around 8K. I need to change it to zero. Turbotax will not allow you to edit this figure? Any ideas?

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1 Replies
Expert Alumni
Mar 7, 2022 8:19:03 AM

You might be eligible for the AMT credit on this year’s taxes if you got hit with the AMT in a prior tax year because you exercised ISOs or claimed accelerated depreciation. If you're showing $8k as a Credit for AMT Paid in a Prior Year, reducing the credit amount to zero may have a negative impact on your current year refund or amount due. 

 

In TurboTax, to navigate to the AMT Tax Carryover amount: 

  1. Select Federal from the left menu.
  2. Select  Deductions & Credits from the top tab.
  3. Scroll down to Estimates and Other Taxes Paid, show more and select Start/Review next to Credit for AMT Paid in Prior Year.
  4. On the next page you'll be able to enter zero.