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Question
I paid AMT taxes in 2021. can I get a discount on my 2022 taxes?
AI accountant’s answer:
Although the Alternative Minimum Tax (AMT) you paid in 2021 doesn't give you a direct discount on your 2022 taxes, there is a credit, called the Minimum Tax Credit, which allows you to carry forward any unused AMT credit to future tax years. This credit aims to minimize the double taxation effect caused by the AMT system. The Minimum Tax Credit applies to AMT generated by certain deferral preference items, such as exercising incentive stock options (ISOs) or depreciation adjustments. To find out if you can claim the Minimum Tax Credit in 2022, you'll need to look at the details of your 2021 AMT calculation, specifically the adjustments and preferences that contributed to your AMT liability. You can use IRS Form 8801 (Credit for Prior Year Minimum Tax—Individuals, Estates, and Trusts) to calculate and claim the credit in 2022. This credit can only offset your regular tax liability; it cannot be used to reduce your AMT liability in future years. Keep in mind that any unused credit can be carried forward indefinitely until it is fully utilized.
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Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

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File taxes.

Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

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Ask an AI Accountant

A free tool by

Question
This is some text inside of a div block.
AI accountant’s answer:

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

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This is some text inside of a div block.

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Not Correct.
Icon check
Looks good

Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

Find write-offs.
File taxes.

Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

Get started