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Best answer by mesquitebean

Or instead of "ATM" are you referring to AMT (Alternative Minimum Tax?)

If so, the following tax topic has a lot of info about AMT.

 

Alternative Minimum Tax FAQs:

https://turbotax.intuit.com/tax-tips/irs-tax-return/alternative-minimum-tax-common-questions/L50YotKHP##

 

TurboTax prepares a parallel return in the background to see if you are subject to AMT.  If so, it calculates Form 6251 and then puts the results of any AMT due on Form 1040 Schedule 2, Line 1.

 

2 replies

VolvoGirl
Employee
May 28, 2024

What?  What is ATM?   An ATM charge on your bank account?  

Employee
May 28, 2024

Or instead of "ATM" are you referring to AMT (Alternative Minimum Tax?)

If so, the following tax topic has a lot of info about AMT.

 

Alternative Minimum Tax FAQs:

https://turbotax.intuit.com/tax-tips/irs-tax-return/alternative-minimum-tax-common-questions/L50YotKHP##

 

TurboTax prepares a parallel return in the background to see if you are subject to AMT.  If so, it calculates Form 6251 and then puts the results of any AMT due on Form 1040 Schedule 2, Line 1.