"My
understanding is that since I didn't sell and I'm holding that I would
get this AMT Tax back as a credit. This doesn't seem to be the case?"
Yes, that's not the case. You may get some or all of the AMT tax back as a credit but that's very much an "it depends" situation. Remember in EVERY year you pay tax on the HIGHER of the regular tax or the AMT. Simply getting the AMT back as a credit the next year violates that principal.
When you sell you should use the ISO step by step interview to report the sale. That will create a "reversing" entry on Form 6251 for the "spread" you reported as an "originating" entry via the "ISO Exercise and Hold" interview.
Tom Young
