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February 24, 2025
Question

Simplified AMT for Foreign Tax Credit elected previous year or not?

  • February 24, 2025
  • 1 reply
  • 0 views

In 2023, I see my return ( prepared by an accountant) had 2 normal 1116 +2 AMT 1116 forms. From what I understands, that means they didn't make the election for simplified AMT. 

Now, I prepared my taxes without making the election. Why don't I have the same number of copies of 1116 forms with half indicating AMT? Is it because 2023 it was a different software package (accountant)?

    1 reply

    DaveF1006
    February 24, 2025

    It depends.  Most of the information is reported in Form 1116 comp worksheet rather than individual forms.  It's not necessarily because of a different software package but more of a simplified or streamline method of reporting.

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