LinaJ2020
Expert Alumni

Deductions & credits

There are e-file issues with the Form 1116 in general.  Please sign up for notification here: Form 1116 reject error

 

If you have both AMT and FTC, you can elect for "Simplified Limitation" which lets you use the same foreign source income for AMT as for regular taxes.  Per IRS, you must make the election the first tax year after 1997 when you claim an AMTFTC. If you don’t make the election for that year, you cannot make it for a later year. Once the election was made, it applies to all later tax years and can be repealed only with IRS consent. 

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