I'm in a tough spot with something called AMT. Back in 2000, I paid a lot of extra tax because of a stock option I exercised. I've been slowly getting some of that money back as a credit, but I still have about $14K left. This year I sold that same stock and now I'm trying to figure out how to get the rest of my credit. It seems like I can only use a little bit of it each year. I'm worried it will take forever to get all my money back. Does anyone know how this works or if there is a way to speed it up? It seems odd that I can't just get the rest of my credit back after selling the stock that created the tax in the first place.
How to get AMT credit back?
- Thread starter itsZack
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hi @itsZack The reason you can't get it all back at once is that the AMT credit is what's called a nonrefundable credit.
You can only use it to the extent that your regular tax liability is higher than your AMT liability for that year. If your income isn't high enough to create that gap, you can't use the credit
You can only use it to the extent that your regular tax liability is higher than your AMT liability for that year. If your income isn't high enough to create that gap, you can't use the credit
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Zack, you've sold the stock. so the main thing you need to focus on now is maximizing that gap. If you have any control over income/deductions (like accelerating income or deferring deductions), that's the only way to speed it up.
Basically, you need a high income year to burn the credit faster
zen mother
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There's no quick way to force the full credit in one year unless you have a large spike in regular tax liability, some people accelerate income or defer deductions to widen that gap, but that's situational. A tax pro who understands AMT basis adjustments can map out whether there's a strategy worth pursuing or if it's just a waiting game
