Reply To: Claiming AMT credit – CPA says no

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Kaye Thomas

The things that cause you to pay AMT are divided into two categories: exclusion items and other items. You get to claim AMT credit only if your AMT was caused by other items, which include depreciation adjustments and incentive stock options. If you haven’t had these types of adjustments, but were paying AMT because of a large itemized deduction for state and local taxes (an exclusion item), you aren’t eligible for AMT credit. And, by the way, if you are eligible, for example because you exercised an incentive stock option years ago, you should have been filing Form 8801 each year beginning with the year after you exercised the option.