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nopersonalinfogo
August 30, 2020
Question

If I pay 33,000$ in AMT taxes in one year (33,000 more than I would have without AMT being applied), does the entirety of the 33,000$ carry as credit to following years?

  • August 30, 2020
  • 1 reply
  • 0 views
Trying to figure out if some percentage of the carry forward is lost or not.

1 reply

Critter-3
Critter-3
August 30, 2020

The AMT gets carried forward and is recaptured on the form 8801 ...  https://www.irs.gov/forms-pubs/about-form-8801

N
nopersonalinfogoAuthor
August 30, 2020

Does all of the 33,000$ carry forward? Wondering if anyone of it becomes "lost"

Critter-3
Critter-3
August 30, 2020

Well here is the bottom line ... the AMT credit can only be used against future AMT tax ... so if you never get hit with AMT taxes again there will be nothing for the credit to work against ... hence it gets "lost". 

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