What is Schedule D for AMT

Forum|Forum|3 years ago
February 19, 2023
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I have only Schedule D in 2021 tax return, and I have no idea where TurboTax imports/calculates numbers in the second screenshot.

Moreover, it also asks form 6251 line 4, while I did not have form 6251 in 2021 (used TurboTax website)

Thanks.

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J

jlh23

Did you get any answer to this question? I am facing the same issue. Just like you, I only have schedule D in my 2021 tax return.

Thanks!

T

ThomasM125

TurboTax is asking you to varify your capital loss carryover from 2021. It would be the amount on line 7 of Schedule D plus the amount on line 15, less $3,000, assuming the net of line 7 and 15 is a negative amount, or a loss. Since you can only deduct up to $3,000 of capital losses against ordinary income, if you have a loss of $3,000 on line 21 of schedule D, you probably have a loss carryover. If you don't have a loss form 2021, you should leave the worksheet blank.

Since you did not have a form 6251 for alternative minimum tax in 2021, you can leave that worksheet blank.

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J

jlh23

Hello,

Thank you very much for your response. However, I am still a little confused. As VAer mentioned, initially TurboTax seems to import the capital loss carryover from 2021. The numbers look like they're coming from the 2021 schedule D.

Then, information is requested from the 2021 schedule D used for AMT. It doesn't make sense to ask for the same numbers again. I don't have a schedule D from 2021 used for AMT. I only have the copy of schedule D filed with my taxes.

In the screen entitled "We need some info from the 2021 schedule D you used for AMT" the first entry (Adjusted short-term gains and losses) (Schedule D for AMT line 7) is "0" on my computer. Schedule D line 7 on my 2021 return is a negative dollar amount. The second entry (Adjusted long-term gains and losses) (Schedule D for AMT line 15) is a positive dollar amount, and it is equal to the number on line 13 of my 2021 Schedule D (capital gains distributions). The third entry (Allowable Loss) (Schedule D for AMT line 21) is a dollar amount equal to the number on my 2021 Schedule D line 21.

So, the second and third entries seem to be coming from my 2021 Schedule D, but the first entry (0) just seems to be wrong. As I mentioned earlier, it doesn't seem to make sense to enter the same set of numbers twice. I have my Schedule D from 2021, but I have no record of a 2021 Schedule D used for AMT.

Any further assistance you can provide would be greatly appreciated!