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Posted by ed on February 29, 2008, 3:24 pm
Please log in for more thread options On Feb 28, 9:19 pm, sharad.sog...@gmail.com wrote:
> > You are not giving us all the facts we need to solve your problem.
> > But if
> > you have an AMT loss of over $3,000 it is limited to $3,000 also
> > and you should then get 0 on line 16 of 6251. You can't have a
> > positive LTCG for AMT purposes, with a negative regular tax LTCG,
> > and your AMT LTCG would virtually always be less than your regular
> > LTCG.
> > The evidence is that your 6251 line 16 must be negative or 0.
> > You have entered something wrong. Read the instructions on lline 31
> > of 6251
> > and I doubt you would be using Part III unless you have Quaified
> > DIvidends, but
> > that wouldn't cause your problem..
>
> The only capital gains and losses are stock related and there are no
> ISO options. I do have a small amount of qualified dividends which is
> causing me to go to Part III of Form 6251. I think the real source of
> the discrepancy is in the LTCG section of Part III (Line 37B) where
> Turbo Tax should use the value from Line 15 of Schedule D and it says
> it does do that (but it adjusts for AMT in various forms and
> worksheets). I fail to understand how Turbo Tax is arriving at this
> value. Also the same problem exists in Line 16 Worksheet G where the
> values is not the same as the real loss.
>
> Should I safely override it so that Line 16 of form 6251 becomes 0
> as
> there is no difference in LTCG between AMT and regular tax for my
> case?
>
> --
> << ------------------------------------------------------- >>
> << The foregoing was not intended or written to be used, >>
> << nor can it used, for the purpose of avoiding penalties >>
> << that may be imposed upon the taxpayer. >>
> << >>
> << The Charter and the Guidelines for submitting posts >>
> << to this newsgroup as well as our anti-spamming policy >>
> << are atwww.asktax.org. >>
> << Copyright (2007) - All rights reserved. >>
> << ------------------------------------------------------- >>
You must have AMT adjustments on the items leading into line 15 and 16
you mention,
Before you override anything I isugest you trace these items down and
follow
removeps-groups' suggestions. We can't really help you because we
can' t see the
same items you have entered somewhere that you can't find.
ed
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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