Client : Personal 1040
2005 Background: Has long term capital loss carry over from last year (2005): $14,000. Also, ATX program told me that client has long term AMT loss of $14,000
2006: I switched program. When I did return in pro series - it is asking for Capital loss for AMT purposes. If i do not enter any amount in this worksheet for AMT loss carry over, client owes $3500. BUT IF I ENTER $14,000 IN AMT LOSS carry over field CLIENT GETS REFUND OF $338!
Issue: Does it seem right?
Please help me!
Thanks!
2005 Background: Has long term capital loss carry over from last year (2005): $14,000. Also, ATX program told me that client has long term AMT loss of $14,000
2006: I switched program. When I did return in pro series - it is asking for Capital loss for AMT purposes. If i do not enter any amount in this worksheet for AMT loss carry over, client owes $3500. BUT IF I ENTER $14,000 IN AMT LOSS carry over field CLIENT GETS REFUND OF $338!
Issue: Does it seem right?
Please help me!
Thanks!