Carryovers of AMT from prior years

To carry over the alternative minimum tax (AMT) from previous years, please follow the following procedure:

1. On the "Left-side menu on the Interview tab" select "Interview setup".

2. On the screen to your right, go to the "Carryforward amounts and prior year information" group, check the box "Alternative minimum tax" and click "Next" at the bottom of the page.

3. Return to the "Left-side menu on the Interview tab" and select the "Alternative minimum tax carryforwards".

4. On the page that appears in the Federal AMT section, enter the "unapplied" or "unused" amounts from your notice of assessment carried forward from year XXXX in the appropriate fields. Proceed likewise for the provincial section for AMT on that same page, by entering the "unapplied" or "unused" amounts from your provincial notice of assessment in the appropriate fields.

The federal alternative minimum tax will be reported on line 40427 for the calculation of the federal tax.

For Quebec taxpayers, a TP-776.42 form (Alternative minimum tax) will be generated. The calculation for the federal T691 form (Alternative minimum tax) is performed automatically for the current taxation year.

 For more information, see the following links:

 For the CRA:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-427-minimum-tax-carryover.html

 For Revenu Quebec:

https://www.revenuquebec.ca/en/citizens/income-tax-return/completing-your-income-tax-return/completing-your-income-tax-return/line-by-line-help/400-to-447-income-tax-and-contributions/line-432/

ID: 20191202164908NA.xml

Webpage: KPA315-20191202164908NA.htm

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