Capital loss carryover and AMT

Forum|Forum|3 years ago
February 24, 2023
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I have used Turbo Tax for years and this year I am totally stumped as it is requesting info about capital loss carryover. I have no idea how to get this info. It says to look at Schedule D and the following screen is asking about Alternative Minimum Tax but I don't have Form 6251 in my 2021 paperwork either. Yes, we took a hit on our investments the past two years, but I have nothing that quantifies it in writing. I've never paid/qualified for AMT before, but now it's asking for info from 6251.

Do I just skip these two things?

GeorgeM777

Yes, it appears you can skip these two items. Because you used TurboTax last year, any 2021 capital loss carryover will automatically be entered on your 2022 return. You should not have to make a separate entry. However, on the screen that relates to capital loss carryovers, you are given the option to make any edits/changes that are necessary. Thus, if you had no capital loss carryovers from 2021, you don't need to refer back to your 2021 return.

Just an fyi, for 2021, any capital loss carryover amount would essentially be the amount on line 16 of Schedule D, less $3,000, (or less $1,500 if filing MFS).

Form 6251, Alternative Minimum Tax for Individuals, is used to figure the amount, if any, of your alternative minimum tax (AMT). The AMT applies to taxpayers who have certain types of income that receive favorable treatment, or who qualify for certain deductions, under the tax law. If the AMT did not apply to you last year, then TurboTax would not have included Form 6251 in your return. Therefore, there is nothing for you to enter with regard to the AMT for 2021.

@tapntoes

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