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Can you please explain exactly how to obtain IRS secretary's consent to revoke simplified limitation election ? I am seeking clear step by step instructions please ?

I have made the AMT simplified limitation election for prior years but need to revoke it. How do I do that ?  And what is the timing ? Can I revoke it for the past year by  filing an amended return and adding a note / request in the amended return ?
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4 Replies
kthomasusa1
Employee Tax Expert

Can you please explain exactly how to obtain IRS secretary's consent to revoke simplified limitation election ? I am seeking clear step by step instructions please ?

This forum might not be the best place to deal with this issue, but perhaps this article will help get you goin.

https://ttlc.intuit.com/community/taxes/discussion/fixing-amtftc-simplified-limitation-election-erro...

 

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/simplified-foreign-tax-limitatio....

 

I hope this is helpful

 

Kelly C, CPA

 

OCrawford
Employee Tax Expert

Can you please explain exactly how to obtain IRS secretary's consent to revoke simplified limitation election ? I am seeking clear step by step instructions please ?

@plat635829 

Are you referring to AMT limitation or foreign tax limitation please verify where we provide the correct answer.

 

Thank you,

 

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Can you please explain exactly how to obtain IRS secretary's consent to revoke simplified limitation election ? I am seeking clear step by step instructions please ?

Hi, I am referring to the simplified limitation election for AMT Form 1116.  I need to complete both Form 1116 and also AMT Form 1116 and I am subject to AMT.  In past years Turbotax applied the election and I want to revoke the election so that it will not apply in the future.. 

Ruth C-L
Employee Tax Expert

Can you please explain exactly how to obtain IRS secretary's consent to revoke simplified limitation election ? I am seeking clear step by step instructions please ?

I recommend making an appointment with your local IRS office to begin the process of revoking the election to use the simplified section 904 limitation. There are different methods of revocation for various elections and there is no clear guidance from my research in regard to revoking the election to use the simplified section 904 limitation.

 

Ruth, CPA, Attorney

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