Trubotax mistakenly double counts my "bargain" from exercising ISO for purposes of AMT

[RandomDude34345]

Hi 

I think there is a glitch in the software TurboTax online. It seems that TurboTax mistakenly double counts my "bargain" from exercising ISO for purposes of AMT.

I had to go back and forth on adding / editing the amount of bargain, and can't fully clear ISO Income to make it right. 

Basically i'm going to "ISO Exercise and Hold", enter my info about stocks exercised (100) , its exercised price ($1) and Market Value ($11). I expect bargain to be $1000 =[(11-1)*100], but i'm getting $2,000. That amount is reflected on Form 6251 Part 1 in line i (i Exercise of incentive stock options (excess of AMT income over regular tax income)). 

When I go and delete "Are you sure you want to delete this ISO purchase?" i get "You currently don't have any ISO purchases", which is what i would want to see to be able to start over. But then, when i go the summary page i see "ISO Exercise and Hold" with the amount of $1,000, but form 6251 is not being generated.

So i can either get to doubled amount of "Bargain" or zero amount of "bargain". Seems like a glitch to me. How to i solve this? I don't want to star the whole process over as it's a lot of data to type back in.

SOS!

[RandomDude34345]

I found this. Will see if that helps! 

Best Answer

by linaj20201

If you do not believe this form applies to you, you can simply remove it from the program.  Here are the steps:

In TurboTax online,

1.  Sign into your account, select Pick up where you left off

2.  Select Tax Tools, click on the drop down arrow

3.  Select Tools

4.  Under Other helpful links, choose Delete a form

5.  Select Delete next to the Form 6251 and Continue with My Return