Question

How and when to claim California AMT Credit?

Forum|Forum|6 years ago
March 15, 2020
2 replies
0 views

Hi,

In 2018, I have to pay CA AMT credit because I have exercised and held a lot of ISO.

In 2019 last year, I have sold part of my ISO stock. From turbotax, I found Federal AMT credit has been used for Federal tax, but I did see my previous CA AMT credit has been used at all...

Can someone tell me why, and how the AMT credit from California will be used? A FTB 3510 form should be filed when CA credit is claimed, right?

I just do not want to lose my CA credit, or double pay the tax to CA.

Thanks,

Rick

J

JotikaT2

You will be able to utilize your 2018 AMT Credit Carryover from California if you had an AMT credit carryover from 2018 or if you paid AMT in 2018.

Based upon the information provided in your question, you will be able to claim the credit.

To do this, go into your state interview section for California again. Select Credits and taxes.

CA screen

Continue through the screens until you see the question regarding AMT. If you don't see the following screen, scroll down on the screen with all the credits until you see Taxes. Select Alternative Minimum Tax.

AMT question

Continue until you see the following screen. Be sure to enter your CA AMT credit carryfoward here. This will ensure you get credit in 2019 for the carryover from 2018.

CA Carryover input