Question

Why did I get a schedule D for AMT?

Forum|Forum|2 years ago
March 19, 2024
2 replies
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I just noticed on my 2022 return that a schedule D for AMT was created (on top of the regular schedule D)? I didn't get that for 2021 or for (still working on them) 2023

Why would that be? I was not hit by AMT

For 2023 I get a 'TY21 -> TY22 conversion AMT capital loss carryover adjustment smart worksheet', what I think it may be related.

C

cbm51

Not sure why 2022 generated the Schedule D AMT and 2021 did not, but I had the same issue. TT was asking for information from a 2021 Schedule D AMT that was never generated. After much head scratching, I went back into TurboTax 2021 program (had to shutdown 2023 version - won't run both at the same time) and asked it for the form and it generated it for me. I was able to pull the info requested and was on my way again.

BTW - the AMT forms/worksheets are generated to determine whether or not you owe AMT (Alternative Minimum Tax). Most do not owe AMT, but the determination is necessary.

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nc001Author

Thanks... that is the workaround for my 2023 return when is asking me about 2021 schedule D for AMT . I see I can create schedule D for AMT when I go to the 'Forms' view. Schedule D for AMT is the same than regular schedule D.

B

ballrmdancer

*How do I generate a 2021 Schedule D for AMT form using online TurboTax where there’s no forms option like the desktop version appears to have? I found Schedule D for AMT form for 2022, but not for 2021, and 2022 Schedule D form has different numbers on Line 15 from 2022 Schedule D for AMT; Therefore, I assume that when TurboTax asks me for the numbers from 2021 Schedule D for AMT , I can’t just use the numbers from 2021 Schedule D. 2023 TurboTax is asking me to input the 2021 Schedule D for AMT Line 15 as well as other 2021 numbers in order to bypass errors and proceed with my 2023 Federal Tax Return.
*Also, where do I get 2021 Form 6251- AMT?

TurboTax appears to have a glitch, but the deadline is quickly approaching.

T

ThomasM125

If your capital gains and losses for AMT purposes are different then your capital gains and losses for regular tax purposes, you would need a separate schedule D to report them. If you're not subject to an AMT tax in the current year, then the separate schedule would not affect your tax in the current year, but a net capital loss can be carried over to future years so it may need to be reported on schedule D for regular tax purposes as well as for AMT tax purposes.

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nc001Author

Why would my capital gains and losses for AMT be different?

I followed 2022 return and the difference comes down to 'Capital Loss Carryover Worksheet' in line '9 Enter the loss from your 2021 Schedule D, line 15, as a positive amount '. There are 2 columns . 'Regular Tax' columns uses line of schedule D of line 15 from 2021. 'Alternative Minimum Tax' uses a different number that I don't know where it's coming from.

I usually file 1116. I think by mistake on 2021 I choose to use the non simplified method to fill 1116 for AMT purposes. On 2022 I went back to the simplified method. I am not sure why this would matter. I was never hit with AMT.

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nc001Author

Also for 2023, TurboTax still generates a schedule D and the 'Capital Loss Carryover Worksheet' is corrected for 2023 (using values of 2022) and 2022 (using values of 2022). Is it trying to fix a bug? Still, it doesn't seem quite right to me if I assume that for 2021 schedule D should be the same than schedule D for AMT.