It sounds like you're doing a thorough review of your tax history—kudos for that! Based on what you've said, it seems likely that your CPA didn't use the Simplified Election for AMT. This is because there are two different Form 1116s (Regular and AMT) and the reconciliation tables in your returns. Here's how you may confirm this:
- Review Form 1116 Instructions: Look at the instructions for Form 1116 for the relevant tax years. The Simplified Election for AMT would give the same foreign tax credit calculation for both regular and AMT purposes. This means only one Form 1116 would be needed. If you see two separate forms, it's a strong indicator that the Simplified Election was not made.
- Check for Election Statements: The Simplified Election for AMT must be explicitly made in the first year it is applicable. Look for an election statement or checkbox on your 1996 return (or the first year you claimed the AMT Foreign Tax Credit). This might be in the form of a written statement attached to the return or a specific checkbox on the form.
@wpbelson
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
