I believe there is a bug in TurboTax Premiere 2012 that specifically affects people that were subject to AMT in 2011 and that received in 2012, a refund of 2011 state income tax
As you know, AMT phases out / limits deductions. Therefore that portion of a tax refund that provided no benefit in 2011 is not taxable in 2012
Is my reading correct that the calculated tax, AMT tax and credits should all be taken into account? TT Premier is not including the credits in the calculation
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awstick
Senior Member
posted: Feb. 5, 2013 @ 12:45p
If you received no benefit from the state tax deduction because of AMT then it would not be taxable. You are correct there, but I can't decipher exactly what you're saying the bug is.
ellory
Be vewy vewy quiet
posted: Feb. 5, 2013 @ 12:49p
The bug is that TT includes the Calculated Tax and AMT in its determination, but not the line 54 2011 1040 credits
Just got off chat with TT and they confirmed the bug
Bagofchips
Senior Member - 2K
posted: Feb. 5, 2013 @ 1:27p
Did they imply it's a bug they'll fix?
soundtechie
Pickle King
posted: Feb. 5, 2013 @ 1:33p
Bagofchips said: Did they imply it's a bug they'll fix?
If they have some sort of "if we screw up your tax return we'll give you a free cookie" guarantee, this might be a method to obtain a free cookie.
ellory
Be vewy vewy quiet
posted: Feb. 5, 2013 @ 1:54p
The CPA I chatted with (They had to bump me up from tier 1 support) confirmed what the software should do, but said he never had tested that particular function
He said they needed to duplicate it and then would schedule a fix
seawolf21
Senior Member
posted: Feb. 5, 2013 @ 2:47p
Isn't it the place where you are given an option to take the default calcuation or recalculate using the prior year's TT?
ellory
Be vewy vewy quiet
posted: Feb. 5, 2013 @ 2:52p
seawolf21 said: Isn't it the place where you are given an option to take the default calculation or recalculate using the prior year's TT?Yes. That's the spot
The instructions on using the prior year TT are correct. The error is in the worksheet in the current year TT
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