My thought process is: I paid AMT tax on a $75 per share "gain" when exercising the shares. When I finally sold the shares, capital gains tax was paid on a gain of $70 per share. The AMT credits are being used to pay off the capital gains tax. Now, since the actual gain (and resulting tax) was less than the "gain" at exercise (and the AMT I paid), is there any way to recoup the excess credit left behind, beyond just using a little bit each year towards normal income tax?
I ask because the difference in FMV from exercise to actual sale is much greater than the $5/share in my hypothetical example above. This means I have a lot of excess AMT credit laying around that I would love to use up quicker than the limited amount each year towards my normal income taxes.
