New retired customers. Sold their business over the 2016 & 2017 tax years.
Had $ 809,192 in 2016 AGI. Were subject to AMT
Had $ 262,000 in 2017 AGI. Were subject to $ 5,605 in AMT in 2017.
Their 2018 return is much less involved with $ 95,000 AGI, no AMT, no business income, $ 3,000 capital gain net loss.
My question is whether any of the prior AMT can be credited against anything in 2018 from the AMT due to the exclusion items ?
Their 2017 form 8801 shows :
line # 13 $ 151,932 tentative minimum tax on exclusion items
line # 14 $ 138,087 amount from 2016 form 6251 line 34
line # 15 $13,845 net minimum tax on exclusion items
Thanks for comments
Had $ 809,192 in 2016 AGI. Were subject to AMT
Had $ 262,000 in 2017 AGI. Were subject to $ 5,605 in AMT in 2017.
Their 2018 return is much less involved with $ 95,000 AGI, no AMT, no business income, $ 3,000 capital gain net loss.
My question is whether any of the prior AMT can be credited against anything in 2018 from the AMT due to the exclusion items ?
Their 2017 form 8801 shows :
line # 13 $ 151,932 tentative minimum tax on exclusion items
line # 14 $ 138,087 amount from 2016 form 6251 line 34
line # 15 $13,845 net minimum tax on exclusion items
Thanks for comments
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