Yes, the IRS provides these details HERE under Alternative Minimum Tax - the IRS tells us we must prepare the schedules both ways. It is also in the instructions for Form 6251 (in the instructions for Line 8, where it indicates we must attach both versions of Form 1116)
This is done every year that you file, and there is no reset of the carryovers if you hit AMT in a given year (as you may not have AMT the next year). This is one reason (no reset) that the two figures are tracked separately. Carryovers are tracked and recorded on Form 1116B for ten years.
This dual calculation is required every year by all taxpayers, whether they elect the simplified method or not, per IRS instructions. The simplified election allows you to use the same foreign source income amount, but the allowed credit can still differ from the non-AMT amount (it may not, in your case, but it is still required to file both an AMT and a regular version of the form, each year.)
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