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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?

3 Replies

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

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.

 

Thank you for choosing TurboTax.

 

ondermi1
New Member

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

As of Jan 11, 2025 it doesn't look like the quicktax software has been updated to reflect the new  2024 ATM exemption amount. In 2023 it was $40,000 and in 2024 it should be $173,000 (but the atm rate was increased from 15% to 20.5 within the software already). Do you know when the software will be updated the proper ATM exemption amount for 2024?

Thanks. Michael

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

@ondermi1 

We hope to get the issues AMT resolved as soon as possible, but we don't have a ETA at the moment. 

 

Please note that the Canada Revenue Agency (CRA) hasn't updated the T691 Alternative Minimum Tax form on their website yet - they still showing the 2023 form as the latest.