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Deductions & credits
DaveF,
Thanks and no worries. And yes, I am not subject to AMT. However, in order to use the AMT foreign tax credit carryover, do I have to continue to report the data to the IRS every year? Or can I keep track of it for years, then use it when I need it (assuming it hasn't expired)?
I realize that's the interesting question. The instructions I've been able to find don't address this point.
Since you have to file the non-AMT forms to carry over the regular tax credit, I suspect my tax accountants in the past figured it was better to be safe than sorry and filed the AMT Forms to ensure that the AMT tax credit was properly carried over.
I would lean in the same direction absent clear guidance from the IRS.
Do you know if such guidance exists?
Ray