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Level 3
March 30, 2023
New

CA AMT credit for deferral preferences

Related products:Lacerte
  • March 30, 2023
  • 2 replies
  • 5 views

Currently it appears that although an individual CA taxpayer has a deferral preference for ISO stock option spread and incurs a CA AMT tax as a result the program does not generate and display under General Information page an AMT tax credit carryover for CA the way it does for Federal purposes.  I believe there would also be an AMT tax credit for CA based on the ISO AMT preference item which is a deferral preference.

 

Rob Johanson 

Customer # 9103

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2 replies

sjrcpa
Level 15
March 30, 2023

Not sure about that, but when the stock is sold, the AMT basis is higher than the regular tax basis.

The more I know the more I don’t know.
CalnevaAuthor
Level 3
March 30, 2023

It should pro-forma over onto the CA Form 3510 input in the following year, was just wondering why they couldn't show it on the general information page along with Fed AMT credit carryover.