Initially going through Turbo Tax I visit everything. When I got to Investment Income, Capitol Loss Carryover section in Turbo Tax, I get to a screen titled Do you know your capital loss carryover amounts? I answer No, I need help figuring out my capital loss carryover amounts (as I don't know if I have it or not). Next I enter data from my 2016 Schedule D and 1040.
After that it asks me if I have different capital loss carryover amounts for AMT. I pick no because situations from learn more link do not apply. Next it asks Do you have different capital loss carryover amounts for AMT? No - help links tell me this is my answer. Next it asks for 2016 Form 6251 line 28. I don't have this form and it's not part of my 2016 taxes. Why am I asked this?
Reading the link on "What if I don't have Form 6251?" it says:
Your alternative minimum taxable income (AMTI) may still be different than your "regular" taxable income even if you didn't have to pay AMT. Reasons why your AMTI may be different include:
- You exercised ISOs (incentive stock options);
- You lived in an area with a high state and/or local income tax;
- You supported multiple dependents, especially if you filed jointly;
- You took a home-equity loan for something other than improving your home;
- You took a large miscellaneous deduction like investment expenses and unreimbursed employee business expenses;
- You claimed business depreciation;
- You had a net operating loss for AMT that was different than your "regular" net operating loss.
If you think your AMTI might be different than your "regular" taxable income (Form 1040, line 43), you'll need to determine what your 2016 Alternative Minimum Taxable Income was and enter it here. If you don't know your AMTI, most people will get the same result using your "regular" taxable income (2016 Form 1040, 43).
Nothing really applies to me in that bulleted list and I don't understand this AMT nonsense. Is it okay to use 2016 Form 1040 line 43 for the amount to enter as AMTI amount? Or do I just enter 0 since I didn't have AMT in my 2016 taxes?