Personal return has w-2 income of $50,000
Schedule C income $10,000
Standard deduction
Sch D gain $7500
4797 Gain 58,000and NOL 78000.
Apparently NOL sending us into AMT of 7000. Not used to NOL causing AMT, Help?
causing AMT, Help?
I would first try to see what is generating a diffeence between ordinary income tax attributes and AMT tax attributes. Look at each line of the AMT 6251 to start.
Sometimes if you do not affirmatively set an AMT value the tax software may assume it is zero tus seting uop an AMT 6251 amount.
Example: If I have a new client with a capital loss carryover and enter it, the sofwtare assumes AMT loss carryover is zero.
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