Reply To: Form 6251, 8801 & AMT Tax Credit for Exercised ISOs

Home Fairmark Forum Equity Compensation Form 6251, 8801 & AMT Tax Credit for Exercised ISOs Reply To: Form 6251, 8801 & AMT Tax Credit for Exercised ISOs

#5455
carlyg
Participant

Hi Gighi – Thank you for the recommendation to download and fill out 8801 on our own!

We just did that, and got the results we expected! We then called Turbo Tax, for about the 8th time haha but this time we knew that we should be generating an 8801.

The issue ended up being an input on one of the wizards. With the online version of 2019 turbo tax when you navigate to Deductions & Credits -> Credit for AMT paid in a prior year -> lets get info from last year. We entered line 27 from form 6251 instead of just entering exclusion items that were on line 27. We didn’t read the fine print closely enough, the tool tip clearly says enter any exclusion items from line 27 on 6251. I guess that is what you get for doing taxes when you are tired 🙂 We only had deferral items (the exercised ISOs). When the amazing Turbo Tax CPA pointed this out we all quickly realized this is 100% what was stopping the 8801 from generating.

Thank you again for the help! You saved us at least a couple hundred bucks. Our next step was to pay a CPA for a hour or two of their time to talk through this if we couldn’t get it figured out with Turbo.