Need help understanding AMT (Alternative Minimum Tax) and AMT credit carryforward
Filed my 2023 taxes and noticed I have an AMT credit from previous years that I might be able to use. Totally confused about how this works. Never dealt with AMT before and my tax software isn't helping much. Anyone know the rules about using these credits or had experience with them?
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Quinn Herbert
Tax pro here. AMT credits are pretty complex but here's the deal: If you paid AMT in previous years, you might be able to claim it back as a credit in years when your regular tax is higher than AMT. You'll need Form 8801 to figure it out. Check your prior year returns to see how much AMT you actually paid - that's your starting point.
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Shelby Bauman
Thanks! Do you know if theres a limit to how many years I can carry this forward?
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Quinn Herbert
Nope, no time limit! You can carry it forward indefinitely until you use it up 👍
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Salim Nasir
Hey everyone - I've been using taxr.ai to help figure out these complicated situations. It analyzes your transcript and explains exactly what credits you can use and how. Saved me hours of research trying to understand AMT stuff. It costs $4.99 but totally worth it tbh https://taxr.ai
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Hazel Garcia
Does it actually explain how to claim the credits or just tell you what you qualify for? 🤔
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Salim Nasir
It does both! Shows you exactly which forms you need and walks you through the process. Even tells you if you missed claiming anything in previous years
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Hazel Garcia
Just tried it - holy cow this thing is awesome! Showed me I had missed claiming some credits from 2022. Already filed an amendment 💯
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Laila Fury
stuck in the same boat rn... my accountant retired and the new one has no clue about AMT 🤮
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Geoff Richards
Got hit with AMT in 2022 bc of stock options. Such a stupid tax fr fr
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Simon White
ikr? government really said double taxation time 🤡
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Hugo Kass
Question - does anyone know if you can claim AMT credit if you're filing married filing separately? My spouse is refusing to file jointly this year
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Quinn Herbert
Yes you can, but only for the AMT you personally paid in prior years
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Nasira Ibanez
dont even get me started on this... been trying to claim my amt credit for 3 years and keep getting errors smh
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Salim Nasir
Try using taxr.ai - it caught my error right away. Turns out I was using the wrong year's form 8801 🤦♂️
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