Does Turbotax 2023-2024 calculate the AMT tax and have an AMT calculator?

Forum|Forum|2 years ago
November 15, 2023
1 reply
0 views

I read the AMT will change in 2024, will Turbotax Canada support this new tax increase and will there be a calculator to adjust credits, etc.. to see how much the estimated tax might be under regular or amt method?

TurboTax CD or Download Home & Business

TurboImpotLiseD

A change would only apply to TurboTax software when and if it is implemented by the federal government. Here is a great article for your information: The Alternative Minimum Tax (AMT): How It Works and What You Need to Know

Thank you for choosing TurboTax

Wisdom Hunter

Does TurboTax 2023 Premier have an AMT calculator for the current AMT rules?

I ask because although I have used TurboTax for years, I have never had to pay AMT. But this year I may have to.

TurboImpotLiseD

TurboTax will calculate taxes owed based on the information you enter. There isn't a AMT calculator per say within the program. If you choose to calculate and enter an AMT amount on your return, you need to calculate it yourself. Here's how: CRA Minimum tax

Here are more instructions in the following article: How do I calculate the AMT?

Thank you for choosing TurboTax