In my Federal Review, I get the following question: Form 6251: Simplified FTC election must be entered.
I then have to fill out the following form:
Simplified Foreign Tax Credit Election Smart Worksheet
A) In the first tax year after 1997 that the foreign tax credit was claimed, was the Simplified AMT
Foreign Tax Credit Limitation elected? This is the first year [This box is CHECKED and I can't modify it] Yes, No
B) Elect to use the Simplified AMT Foreign Tax Credit Limitation this year? Yes, No
I am not sure how to answer this question. Or what it means. Through some initial research, it seems like if you make a selection here, it could affect all future tax returns? So just want to make sure I choose correctly here. Thanks in advance for your help!
