can't tell you in your particular situation whether the Simplified AMT FTC calc or more complex AMTFTC is better for you. the simplified method results in the same FTC for AMT purposes as for regular income tax purposes so there is only 1 form 1116 in your return. the AMTFTC is calculated by figuring the FTC limit considering only income and deductions allowed for AMY if so elected there will be two 1116s in your return
the simplified method must be elected for the first year the taxpayer claim an AMTFTC. The lection cannot be changed in future years without IRS consent.
