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Deductions & credits
Form 1116 is filled out with two versions - the primary version and the AMT version - for all taxpayers, whether or not they are subject to AMT in the filing year. This has to do with the way calculations are made for the amounts allowed to be carried over into future years, as they differ if the taxpayer is subject to AMT in the future.
The election for simplified limitation method is generally made in the first year that a taxpayer is subject to AMT.
Can you clarify for us exactly what TurboTax is asking you and where in the program you are seeing this information so that we can better help you navigate those questions?
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‎February 17, 2024
5:13 PM