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Alfredo1967
Alfredo1967
Level 4
April 23, 2021
Question

Alternative Minimum Tax

  • April 23, 2021
  • 3 replies
  • 21 views

Is there still an Alternative Minimum Tax this year? I have a new client who earns over $200,000 in wages  and also has a legitimate construction business LLC and has a $35,380 loss but is only allowed to claim $12,700. Can anyone help me?

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3 replies

sjrcpa
sjrcpa
Level 15
April 23, 2021

Yes there is still AMT but with a higher exemption so not many people have to pay it.

What does AMT have to do with "has a legitimate construction business LLC and has a $35,380 loss but is only allowed to claim $12,700" ?

The more I know the more I don’t know.
    abctax55
    abctax55
    Level 15
    April 23, 2021

    Yes, AMT still exists.

    But it has nothing to do with limiting "legitimate" business losses.

    Review your entries for active vs. passive involvement.

    HumanKind... Be Both
      Just-Lisa-Now-
      Just-Lisa-Now-Intuit Community Champion
      Intuit Community Champion
      April 23, 2021

      SMLLC on Sch C?  or losses feeding from a K-1?

      Gotta be able to "follow the money" in the tax return to see where/what is happening.

      ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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