No Schedule P
In 2021 we had to pay AMT tax because our stocks (not Zynga, company IPO’d) were popping. In 2022, everything came crashing down and we no longer needed to pay AMT. In 2021 and 2022 we had a CPA, but now my husband wants to do the taxes himself. The tax software he’s using says he needs a schedule P in order to use the AMT credits we’ve accumulated. We have a schedule P for 2021 but not for 2022. Any advice? If it were me I would just hire a CPA but my husband already spent a lot of time on our taxes and plus it’s getting closer to the deadline.
You only get AMT credits if you paid AMT in the tax year. Since you didn’t have to pay AMT in 2022, then you don’t have any credits to use this year so you can use the Schedule P from 2021
Pls refer me a good tax consultant
You need to carry your AMT paid into 8801. Check to see if you paid state AMT if applicable too but it sounds like you’re looking at Schedule P in California. You need to make sure you’re handling both federal and state AMT correctly. It’s harvestable every year between the spred calculation of regular tax vs AMT tax.
If you already basically did all of it, but need help with this specific question, does the tax software you're using have an option to ask for help? Most of them do, and that would be the right approach vs taking someone on blind's word for it.
Solid advice!