It is AMT.
I had to compare the 1040 carefully in both options.
Basically, I can deduct ~$5K of AMT carryover credit if I itemize, and ~$1K if I take the standard deduction.
Since tax due is only ~$100 less if I itemize and eat an extra $4K of credit, I think I just take the standard deduction and retain the extra AMT carry over credit. Even with high interest rates $100 today will take a long time to be worth $4K....
