Tax Question: TaxAct Warning

[TromboneAl]

I'm getting this Yellow warning from TaxAct, and I'm not really understanding it.

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When it says "however, no capital gain information was entered." is it referring to my 2009 or 2010 return? There's info on the Schedule D on both 2009 and 2010.

When I follow the instructions in a blind, non-understanding way, I answer "Yes" and all the values are zero. I have a capital gains carryover loss from 2009.

Can someone orient me as to what this is all about?

Thanks.

 

[Texas Proud]

Not sure, but I am working on my boss's tax return and it seems there is a rebate if you paid AMT in the prior year... the screen you show seems to be based on this...

If you did not pay AMT last year, I think it does not apply...


BUT... I have done no research and could be completely wrong...

 

[BUM]

Hi Al, Looks like the program wants you to check you 2009 1040. It seems not to know whether you reported gains on Schedule D or just on the 1040. I understand your confusion. The Yellow flag may be about nothing. Nice problem to have - gains.

I spent way to much time being forced through the maze with Turbo Tax. Glad I'm done. I don't know which is worse, the disease or the cure.

 

[Alan]

I agree with TP, it is to do with AMT. If you paid AMT last year you may be due a credit.

See this article on Fairmark.com.

 

[TromboneAl]

But TaxAct should know whether I paid AMT last year (I didn't), and it should know the answer to all the questions it's asking.

 

[Alan]

But TaxAct should know whether I paid AMT last year (I didn't), and it should know the answer to all the questions it's asking.

May be that's why it's free

I really don't know Al, I would just answer the questions on the form.

 

[Sarah in SC]

I use TaxAct (and hey now, not all of us have the luxury of having a tax man in the house, Alan) and didn't get that warning.
I think if you didn't pay AMT, just ignore it.

 

[Alan]

I use TaxAct (and hey now, not all of us have the luxury of having a tax man in the house, Alan) and didn't get that warning.
I think if you didn't pay AMT, just ignore it.

I didn't intend to demean TaxAct, I use it every year when doing my son's taxes. I tried it for my taxes once and it couldn't quite cope with my foreign pension so I stuck with TT. Not a fair comparison as I was actually paying for TT back then, and tried using the free version of TaxAct to see how it coped with my more complicated taxes.

As Al says, he doesn't understand why it doesn't know he didn't pay AMT the previous year, so I understand why it is a little confusing. Who knows, maybe Al checked a box he shouldn't, and that brought up this screen

 

[Nords]

But TaxAct should know whether I paid AMT last year (I didn't), and it should know the answer to all the questions it's asking.

If it knows those answers, does it display the forms (not just the questions) or print them out so that you can look at the forms and see what numbers are there?

If TaxAct imported data incorrectly then it might not "know" what the heck it's talking about...

 

[Texas Proud]

I use TaxAct (and hey now, not all of us have the luxury of having a tax man in the house, Alan) and didn't get that warning.
I think if you didn't pay AMT, just ignore it.

The question would be.... did you have anything that would trigger a difference in taxes between regular and AMT... I think this is being specific in the items for a reason.... not all items are included in the calculation...


I do fault them for not seeing that you paid AMT last year.... but hey, are you sure you did not? It is just a line on the form.... might have missed it...

 

[TromboneAl]

Yes, that line is blank on the 2009 1040. So I think I will ignore this warning.

Thanks for the help.