AMT 1116 Software

Yannman · Post 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 · Post 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 · Post 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