Did I Pay Too Much Alternative Minimum Tax (AMT)?

Question: (Cindy, North San Diego County) Hello Joe, Al, and Andi, I really enjoy your TV and radio programs and appreciate you sharing your wealth of knowledge in such a fun and entertaining way! I have a tax question regarding AMT. I tried contacting the IRS for an answer, but no help there. For Tax Year 2013 I paid $25,418 in Alternative Minimum Tax due to exercising Incentive Stock Options after a job loss. In subsequent years my income did not require AMT payments and I received credits totaling $20,323 for Tax Years 2014 through 2018.

Due to being unemployed during 2014 and 2015 my income was very low which made the AMT credits for 2014 and 2015 only $229 and $733 respectively. The credits were higher for 2016 through 2018; however, the total credits received from 2014 through 2018 were $5,095 less than the $25,418 amount of AMT paid for 2013 on lines 25 and 26 on Form 8801. Is there any way I could still get the remaining $5,095 back or is it too late? In 2021 I received an audit of my 2018 tax return regarding the AMT credit which prompted me to investigate this. Audit was ruled in my favor. I wish I would have been astute enough in 2014 and 2015 to do Roth conversions and maybe I could have received credits for the remaining #alternativeminimumtax of $5,095, or am I wrong in thinking that I should have received credit for the entire amount of #AMT paid?

Listen to the full episode: https://bit.ly/ymyw-363
Download the Retirement Blind Spots Guide: https://purefinancial.com/white-paper...

Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive #retirement planning services and tax-optimized investment management to thousands of people across the nation. Schedule a free assessment with any one of our experienced financial professionals: https://purefinancial.com/lp/free-ass...

Subscribe to our YouTube channel: http://bit.ly/YMYW-YouTube
Office locations: https://bit.ly/PureLocations
Ask Joe & Big Al On Air: https://purefinancial.com/ymyw/ask-jo...
Subscribe to our YouTube channel: http://bit.ly/YMYW-YouTube
Subscribe to the Your Money, Your Wealth® podcast: https://lnk.to/ymyw

IMPORTANT DISCLOSURES:
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. As rules and regulations change, content may become outdated.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
CFP® - The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
AIF® - Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.