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posted Dec 20, 2024 12:20:03 PM

TurboTax 2024 Desktop Alternative Minimum Tax calc I think is wrong.

I think that AMT is wrong. It seems to be a mix of 2023 and 2024 rules. For example the basic exemption is 40K which is a 2023 value but it uses the fed rate of 20.5% which is the proposed value for 2024. (I am no tax person, but I think that's how I interpreted the 2024 AMT changes) I know there is a message in the software from CRA to use the highest inclusion rate for Cap Gains. Is this a similar situation?

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Moderator
Dec 20, 2024 12:43:10 PM

For 2024, the Alternative Minimum Tax (AMT) rate will be raised from 15% to 20.5% and the basic exemption will increase from $40,000 to approximately $173,000. In addition, the taxable income base used to calculate the AMT will be broadened.

 

For specifications about the Capital gains inclusion rate, you can find all the information you need on this link. For more information regarding this subject, We suggest you to contact CRA.

 

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