1040-US: AMT calculation on the Tax Projection Worksheet

Alerts and notices

Question

How does the Tax Projection Worksheet calculate the next year's alternative minimum tax?

Answer

The Tax Projection Worksheet calculates alternative minimum tax based on the information reported on the worksheet itself and on the fields located in the Form 6251 section of Screen TPW-2. The following adjustments and preference items are automatically used in the alternative minimum tax calculation:

  • Standard deduction, if taken
  • Taxes
  • Refund of taxes

Use the Other adjustments and preferences field to report next year's projected amount for any other alternative minimum adjustments or preference items. Also provide input, if applicable, for projected NOL deductions, AMT NOL deductions and AMT foreign tax credits for next year.

A Tax Projection Worksheet - Alternative Minimum Tax is produced in the TPWAMT folder to show how the alternative minimum tax calculates.