There is an Intuit forum for professional tax preparers using the Proseries software. There is a thread that involves the Alternative Minimum Tax (AMT) foreign tax credit.
If foreign tax credits exceed the limitation in a given taxable year, these can be carried back one year and forward up to ten years. Election to do so is made in the taxpayer's first tax year for which the taxpayer claims an AMT foreign tax credit. ... It then applies to all subsequent tax years.
Turbotax has acknowledged a problem when there is a Form 1116 and the accompanying 1116 AMT... which calculates the foreign tax carryover. I have this problem and my return is rejected. Some state that you can get by this problem by not using the simplified exception process for the AMT calculation but that violates IRS rules if you have begun using the simplified exception on previous year returns.
Turbotax hopes to have a solution in a few days according to that thread.
