Hello. In 2000 I made a stupid mistake. I exercised a company grant by purchasing 3000 shares @ $2/share with the intent of holding the stock. Its market value was $60/share. That tax year I got a lesson on AMT and incurred a $50,000 tax bill, and I've been taking part of the carry over loss year after year ever since, tracked by Turbotax. But all good things come to an end and in 2011 I sold 3000 shares @ $13/share. Hopefully TT will handle this disaster but perhaps someone can tell me how this resolves? Thank you. Jeff
Yeah, I probably over-reacted a bit, but the advice to seek out professional tax help still stands.
Besides, if you DO use a tax pro, you will want to take the time to interview several tax professionals to make sure you are using a true professional, and not someone who just does data entry into tax software on a computer. The recent changes and testing requirements by the IRS are just now going into effect, so there will be at least one more year of tax-professionals-in-name-only who will prepare returns incorrectly for the 2011 tax season.
You will probably need to make that connection, as the tax software is JUST a program; it does NOT read minds. I recommend that you use the Interview option on the software to ensure they ask you if the stock sale had AMT implications.
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