LorianneH Posted April 10, 2013 Report Share Posted April 10, 2013 Can anyone tell me how Line 17 is calculated? It links me to "Adjustment from Form 1040 Schedule D" but it does not show me how the number is actually calculated. On another AMT issue, does anyone know how Box 12, Line A is calculated on a 1041 K-1? I can also not come to a conclusion on how this gets calculated. Thank you!!!! Quote Link to comment Share on other sites More sharing options...
Maribeth Posted April 10, 2013 Report Share Posted April 10, 2013 Line 17 is the line for adjusting between regular tax & AMT for disposal of assets.Say you have a piece of equipment. Cost is $10,000; regular a/d is $7,000; AMT a/d is $5,000.You sell it for $10,000 to keep it simple here.Your gain for regular tax is $7,000.Your gain for AMT tax is $5,000.On line 17 you would put $2,000, which is the difference between the regular gain and the AMT gain. Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted April 10, 2013 Report Share Posted April 10, 2013 I just scrolled through a trust return I have. The number flowed through from the deductions from page 1 as a tax-exempt item, Ord. Divs, Private Activity Bonds. You may have something different. Quote Link to comment Share on other sites More sharing options...
LorianneH Posted April 10, 2013 Author Report Share Posted April 10, 2013 Thank you. If all of the numbers that I input came from a K-1, can I be certain that ATX is calculating everything properly? I do not have the information to verify the regular A/D and the AMT A/D. Quote Link to comment Share on other sites More sharing options...
Maribeth Posted April 10, 2013 Report Share Posted April 10, 2013 Yes, if they are coming from a K-1, then the assumption is whoever did that K-1 prepared it correctly. Quote Link to comment Share on other sites More sharing options...
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