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
