This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
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Yannman
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by Yannman » Tue Dec 04, 2012 7:49 pm
Any idea of which tax software will allow user to fill out a Form 1116 AMT to reduce the AMT with the remainder of Foreign Tax Credit?
I used TaxAct to late-file 2010 but I had to do the additional AMT 1116 by hand. The instructions are there but it's a bit of a handful.
Thank in advance.
graubart
Posts: 29 Joined: Thu Dec 15, 2011 6:22 pm
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by graubart » Wed Dec 05, 2012 11:57 am
I used US Turbotax Basic to do my 2011 AMT-1116.
AMT doesn't use the remainder of your Foreign Tax Credit, it is a separate AMT FTC calculation.
Yannman
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by Yannman » Wed Dec 05, 2012 2:30 pm
You are right Graubart, it doesn't use the remainder, it is a different calculation.
However, shouldn't the FTC + AMT FTC be equal or less than Total Foreign Taxes Paid???
On a parallel note, is there a worksheet to calculate the carry forward FTC?
Thx