Hi Dave,
When we interacted in March your recommendation was to enter my foreign carried forward losses in Line 16 on Form 1116. When I do that, the ratio on line 19 is adjusted and looks correct.
However, by doing so, has triggered approx $1,000 of AMT. My tax advisor suggested that I enter the same amount of carried forward loss in line 16 of the Form 1116 AMT, however the AMT is unchanged.
I notice that all of fields (1 through 7) in Part I of the 1116 AMT are blank, as is Line 15 in Part III (Taxable income form sources outside the US). There are many entries in these fields in the Standard (Non AMT) Form 1116.
Do you have any thoughts on what's going on? Or any fixes I can make?
Regards, Peter
