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One strategy that helped me deal with AMT from ISOs: If you're expecting to be in AMT for several consecutive years, consider exercising and holding ISOs in the HIGHEST AMT year, then doing disqualifying dispositions (immediately selling) in other years. This maximizes the value of your AMT credits when you can finally use them. For your specific question about TurboTax vs TaxSlayer - I've used both, and TurboTax Premier definitely does support Form 8801, it's just not obvious. TaxSlayer's interface makes it a bit easier to find the AMT credit forms in my experience. Also don't forget that keeping perfect records is crucial. Document every ISO transaction, your basis calculations, and keep copies of all AMT-related forms (6251, 8801) from every year. You might need these records for a decade or more until you finally use all your credits!
This is such a helpful thread! I'm dealing with a similar ISO/AMT situation but have an additional complication - I moved states between tax years. Does anyone know how state AMT credits work when you relocate? I paid AMT in California last year due to ISO exercises, but now I'm a Texas resident (no state income tax). Will I still be able to claim the California AMT credit if I exercise more ISOs this year as a Texas resident? Or do I need to file something special with California to maintain those credits? The federal AMT credit carryforward seems straightforward based on everyone's advice here, but I'm completely lost on the state piece. My CPA moved to a different firm and I haven't been able to get clear guidance on this.
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Just to add another perspective - I actually tried just filing in my new state when I moved from Arizona to Nevada mid-year in 2023. I figured since Nevada has no state income tax, Arizona wouldn't notice. Well, they definitely noticed! I got a notice from Arizona about 8 months later saying I needed to file a part-year resident return and they had already calculated what they thought I owed (plus penalties and interest). The state tax authorities definitely cross-reference with your federal return, your W-2 info, property records, etc. Not worth the risk of trying to avoid filing where you're supposed to.
How did Arizona find out though? Did your employer report your address change or something? I moved from Illinois to Florida and am considering just filing in Illinois since that's where all my withholding went.
They cross-reference your federal tax return which shows your current address, plus they can see your W-2 information through data sharing with the IRS. In my case, they also had record of the sale of my Arizona home. States are pretty aggressive about collecting tax revenue they're entitled to. If all your withholding went to Illinois but you were a Florida resident for part of the year, you might actually be entitled to a refund from Illinois for the portion of the year you weren't a resident. Florida has no income tax, so you wouldn't file there. Definitely don't leave potential refund money on the table!
Has anyone used TurboTax for a situation like this? I moved from Michigan to Ohio in August and I'm wondering if it's worth paying for TurboTax Deluxe to handle the multiple state returns or if I should just go to a tax professional this year?
Thanks for sharing your experience! That's reassuring to hear. Did it cost extra for the additional state return, or was it all included in the Deluxe package price?
Nia Williams
ā¢Each state return typically costs extra - I think it was around $50 per state when I used TurboTax. So with two states, you're looking at about $100 extra on top of the base package. If your situation is straightforward (just W-2 income and standard deductions), it might be worth it for the convenience. But if you have more complex income sources or deductions, a tax professional might actually be more cost-effective and give you more peace of mind.
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NeonNebula
It's important to know that each state is totally different. I learned the hard way when Massachusetts tried to claim I owed taxes because I worked for a Boston company, even though I never set foot in the state. The most aggressive states for nonresident taxation are: - New York (notorious for their convenience rule) - California (will try to tax you if you even think about the state) - Massachusetts (similar convenience rules) - Pennsylvania (also has convenience rules) A lot depends on if your employer is withholding state taxes and for which states. Check your paystubs - that might give you a clue about which states you need to worry about.
What happened with your Massachusetts situation? Did you end up having to pay taxes there even though you never went there?
NeonNebula
ā¢I ended up not having to pay Massachusetts taxes, but it required some work. I had to provide documentation showing that I was required to work remotely (not doing it for my convenience) because my position was permanently remote. I also got lucky because during the pandemic, Massachusetts temporarily suspended some of their convenience rules, and my situation fell within that timeframe. Had it been a different year, I might have had a bigger fight on my hands. The key was proving that working remotely was a requirement of the position, not just my personal preference.
One thing nobody mentioned yet is reciprocity agreements between states. Some neighboring states have agreements that allow residents to only pay tax to their home state even if they work in the neighboring state. For example, I live in Maryland but work in DC, and thanks to reciprocity, I only need to file a Maryland return. No DC nonresident return needed. Common reciprocity agreements: - DC has agreements with MD and VA - PA has agreements with IN, MD, NJ, OH, VA, and WV - IL has agreements with IA, KY, MI, and WI Worth checking if your states have reciprocity before going through the hassle of multiple returns!
This is super helpful! Do you know where to find an official list of all these reciprocity agreements? Is there some IRS page that lists them all?
TechNinja
ā¢The IRS doesn't actually maintain a list of reciprocity agreements since these are state-level agreements, not federal. Each state's department of revenue website usually has information about their specific reciprocity agreements. You can also check the Federation of Tax Administrators website (taxadmin.org) which has some good resources on interstate tax issues. But honestly, the most reliable way is to check both states' tax department websites directly since these agreements can change and you want the most current information. For anyone dealing with multi-state issues, it's also worth noting that reciprocity agreements typically only apply to wage income - if you have other types of income like rental property or business income in a state, you might still need to file there even with reciprocity.
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Don't forget about claiming the earned income credit! If you qualify, having a qualifying dependent can significantly increase your refund. Given your situation of supporting someone with no income, it might be worth checking if you're eligible.
Andre Dupont
ā¢That's interesting - I didn't know a non-child dependent could help with the Earned Income Credit. I thought that was only for children? I definitely need to look into this more!
I should clarify - you're right that for the Earned Income Tax Credit (EITC), a qualifying dependent must be a "qualifying child" not just a "qualifying relative." A boyfriend would typically be a qualifying relative, not a qualifying child. However, you should still check if you qualify for the EITC on your own based on your income. And having him as a dependent might qualify you for other credits or deductions, like potentially the Credit for Other Dependents ($500) which was created for dependents who don't qualify for the child tax credit. Always good to check all possible credits!
Oliver Cheng
This is a really helpful thread! I'm dealing with a similar situation where my adult son was in rehabilitation for addiction treatment for about 4 months last year, and I'm wondering if the same rules apply. I provided all his financial support during that time and he lived with me before and after treatment. From what I'm reading here, it sounds like temporary absences for medical treatment would fall under the same IRS guidelines as incarceration? Just want to make sure I understand this correctly before I file.
Talia Klein
make sure ur looking at 2024 transcript and not 2023! I was looking at wrong year like a š¤”
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Micah Trail
ā¢double checked and def looking at right year but ty!
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Liam Murphy
Hey Micah! I totally feel your frustration - the empty transcript thing is so stressful when you're waiting for your refund. From what I've seen in this community, it's pretty normal for transcripts to stay blank for 3-4 weeks after filing, especially early in the season when the IRS is still ramping up processing. The good news is that efiling usually means you're in a better spot than paper filers. I'd say give it another week or two before really worrying. In the meantime, you can always check the "Where's My Refund" tool on the IRS website for any status updates. Hang in there! š¤
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