Question

AMT Uncommon situations including AMT Adjustment to investment income or expense

Forum|Forum|3 years ago
March 28, 2023
1 reply
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There is a section in Turbotax Form 6251 that is asking if we have the following uncommon situations related to AMT adjustments, loss limitations NOL adjustments.

1. How do I know if I need to make an AMT adjustment to my investment income or expenses?

2. How do I know if I have any of the other uncommon situations such as loss limitations or NOL adjustments? Sometimes in Turbotax it does things I don't realize or forgot it did certain things so I'm not sure how I would know how to answer this question.

R

RobertB4444

The AMT effects a small percentage of taxpayers so most likely it doesn't impact you. But here is a good tutorial on the AMT.

If you need to make any adjustments for the AMT the TurboTax system will probably adjust them for you. If you have a limitation on real estate loss due to your income or an NOL carryforward from a prior year then you would need to make those adjustments. But if you don't know if you have them then you probably don't have them.

@hellotax1111

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