Question

Try to use existing AMT credit carryover from 2020: 'It turns out you don't qualify for this credit'?

Forum|Forum|4 years ago
March 31, 2022
3 replies
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I know I have AMT credit carryover from 2020, which is showing in my 2020 form 8801 line 26 (Credit carryforward to 2021). However, using turbotax 2021 Home & Biz, when I go to 'Deductions&Credits' -> 'Estimates and Other Taxes Paid' -> 'Credit for AMT paid in Prior Year', I get 'It turns out you don't qualify for this credit'.

I try to go to form 8801 line 19 directly to fill out the amount, but line 19 is not fillable.

P.S. I was able to use my AMT credit last year, when doing my tax return using Turbotax 2020 Home$Biz. I am sure that my AMT credit is not expired yet.

Very much appreciated if anyone can help me!

M

MayaD

Do you owe AMT this year?

If you do, then you are not eligible for an AMT credit in this year.

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T

taxprep_catsAuthor

Hi, There

Thank you for your reply!

No, I don't owe AMT this year.

I wonder if it is because Turbotax suggests me doing standard deduction this year. Can I use AMT credit carryover if I file standard deduction?

T

taxprep_catsAuthor

By the way, after entering another 1098 that I missed yesterday, Turbotax 2021 changed to use itemized deduction now. However, I still get the same issue that I can't use my previous year AMT credit. I wonder why? 😞

DaveF1006

Yes, you may wish to contact live support so they can look at your screen and guide you further. If you did need not have an AMT situation this year, you should have been able to claim the credit.

@taxprep_cats

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T

taxprep_catsAuthor

I found that the only workaround is importing last year's tax file when starting a new tax return. If you don't import last year's tax file which has the AMT credit carryover, you won't be able to use the AMT credit. What if people did not use turbotax last year?

AmyC

Employee

You can enter the prior year AMT under estimates and other taxes paid in the Deductions and Credits section.

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S

smurching

Hi! I'm having the same issue here. Unfortunately I'm using TurboTax online and so can't seem to edit my current year (2021) Form 8801 to add the 2020 AMT carryover. Is there any workaround? The only solution I can think of is to file my return and then amend it which just seems silly.

AmyC

Employee

The program won't let you add the AMT carryover when you are paying AMT. You will have to add the AMT carryover in a year when you are not paying AMT.

@smurching

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E

ebs22

Why does TurboTax prevent me from adding the AMT carryover from last year (because of ISO exercise) while I am paying AMT this year too (same reason, ISO exercise)? anyone can help me understand the rationale?

Is there a deadline to claim AMT credit for a specific year?

Thank you!