if you choose the simplified method in 2022 (see note below - because the election may have been made in an earlier year) there will only be 1 form 1116 because the FTC would be the same for both regular tax and AMT tax. If there are two 1116s then you selected the AMT method.
Note: You must make the election (to use Simplified Method) for the first tax year after 1997 for which you claim an AMTFTC. If you don’t make the election for that year, you may not make it for a later year. Once made, the election applies to all later tax years and may be revoked only with IRS consent.
so the question becomes did you elect the simplified method for the first year after 1997 that you could/would have made the election. if not, then you should have been on the AMT method for that year and all subsequent years. if so, then as a minimum your 2022 return would be wrong if you properly elected the simplified method in an earlier year but used the AMT method. It should be amended. Other open years may also need to be amended if you were properly on the simplified method but used the AMT method.
To request a change to the simplified method for Alternative Minimum Tax (AMT) purposes, you need to follow these steps:
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Complete Form 3115: This is the Application for Change in Accounting Method. You can find the form and detailed instructions on the IRS website1.
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Attach Form 3115 to Your Tax Return: For automatic change requests, attach the completed original co...2.
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File a Copy with the IRS National Office: Send a copy of your signed Form 3115 to the IRS National Office. This can be done via mail, fax, or encrypted email2.
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Follow Specific Instructions for Your Situation: Depending on your specific circumstances, there may be additional steps or considerations. For example, if you are a corporation, you may need to refer to the instructions for Form 46263.
If you need more detailed guidance or have specific questions about your situation, consulting a tax professional or the IRS directly can be very helpful.
