Question

ATM Credit

Forum|Forum|5 years ago
March 8, 2021
1 reply
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I am working on our 2020 taxes and Tubo Tax is showing that we are getting an AMT credit of $6,285. I am trying to understand why we would be eligible for this tax credit. How did Turbo Tax calculate the 2019 credit carryforward.

thanks

Carol

M

MinhT1

If you paid the Alternative Tax Credit in a prior year, you might get an AMT tax credit .

This credit, calculated on Form 8801: Credit for Prior Year Minimum Tax calculates how much of the AMT was related to deferral items, which generate credit for future years, as opposed to exclusion items which are not deductible for AMT, and consequently are lost.

Please read this TurboTax article for more information.

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