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Deductions & credits
This answer is not satisfactory. From further investigation, the simplified method uses the same starting point of income in line 17 of both versions of the form (1116 and 1116-AMT). However, the calculations are different, and the result is different, and you always need to keep record of both versions. My previous CPA explained that you need to keep track of both calculations for the life of your FT (foreign tax paid) carryovers (10 years). You need both 1116 and 1116-AMT in case you hit AMT in the future, and you need to know what carryovers are available to you when this happens. Most people don't hit AMT, but if they do, they need to have the info available instead of having to go back and recalculate 10 years back.
I too was dismayed to find the info and the tracking worksheet are not printed for FTC 1116-AMT. If you dig in TurboTax forms mode, you can find the FTC AMT carryovers buried (I found it in the 1116 Comp Wks form, towards the bottom. There's a table tracking the carryovers into the current year, and a table tracking the carryovers into next year). The problem is that I have to launch TurboTax software in my case, for that year, to see it. There was some bug in 2022 that's preventing me access now to that year, and the info is not in the PDF I generated. So I can't find the AMT calculation of FTC allowed and FTC carried over for 2022. I've had it available for every single year from my CPA, but now that I moved to TurboTax, I can't access this info for 2022.
The expert is also not correct about the forms only printed in simplified mode. In 2023 I apparently misunderstood this selection, and didn't know it was NOT simplified previously, so I chose, as I now realize, simplified mode. This is from my Forms mode for 2023:
Obviously now I have a problem because I'm too lazy to file an amendment for 2023 for this, and I'm not sure if for 2024 I should stay consistent with what my CPA chose to do for the previous dozen years, or should I be consistent with the uninformed selection I made last year. I'm thinking I should go back to NON- simplified. appreciate thoughts on this.
But back to the main point, despite selecting simplified method last year, form 1116-AMT was NOT generated. It is not in my list of forms for 2023 inside TurboTax and it is not in the full-blown-all-records printout.
The expert is assuming that the form 1116-AMT is only needed if you choose the simplified method. This assumption seems to be wrong by general practitioner opinions, that have nothing to do with TurboTax. I believe both versions of the form are needed no matter what method is selected.
And no matter what method is selected, TurboTax is not printing it.
Bottom line: it is not a feature, it's a bug.