Turbotax is incorrectly doubling my ISO exercise amount. How do I get a calculation error fixed?

[nicksignore]

This is in the "ISO Exercise and hold" screen. I added my exercise info which had an adjustment of let's say X. When I hit Done, it doubles it to 2*X, and it says I owe alot more taxes than I should! I read the IRS tax form, there should be no doubling.

[KeshaH]

If you'd like, we can look at your return and see exactly what you see to  help come to a resolution. The return will be scrubbed and won't include any of your personal details.

If you're using TurboTax Online:

Once you're logged in to your account,

- on the left hand panel, click on Tax Tools and then choose Tools

- on the pop up window, select Share my file with Agent

- you'll see a message saying you'll give us a copy of your tax return. Your personal information will be changed so we can't see any private information.

- click okay and you'll get another message with a token

If you're using TurboTax Desktop:

• Click on Online in the top menu of TurboTax Desktop for Windows
• Select 'Send Tax File to Agent'
• Write down or send an image of your token number and state then place in this issue.
• We can then review your exact scenario for a solution

Please reply to this message with your token so that we can further assist you. Let us know all other states, if any, that are included on the return.

[nicksignore]

Hi the token # is 1287452.  I'm also seeing that the amt credit section keeps on saying "needs review."  When I review it nothing happens, and it stays in that state.  I think I should be getting an AMT credit this year.  

[KeshaH]

Thank you for sending over your token.

Your adjustment has been entered in two places, which is why it's being doubled. Other than the exercise and hold screen, your ISO adjustment has also been entered in the AMT section of TurboTax.

1. After logging in to your account, on the Tax Home screen click on Pick up where you left off under Other Tax Situations.

2. Then, click Edit or Update next to Alternative Minimum Tax (AMT). 

3. Click edit on the AMT summary.

4. Leave the first two boxes checked and click Continue.

5. The next screen will ask for your ISO adjustment. 

The amount shown here and the adjustment calculated in the ISO Exercise and Hold screens both flow through to the the AMT worksheet. So you will need to delete one of the entries to avoid overpaying your tax.