Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Feb 17, 2023 8:45:56 AM

How do i know if i took the simplified limitation election eligibility before?

0 2 2169
1 Best answer
Expert Alumni
Feb 17, 2023 11:01:59 AM

Please check for Forms 1116 in your return for the year you wish to know. 
 

If you did make the simplified foreign tax limitation election for AMT in a previous year, there will be only one Form 1116 for each type of income. 
For example, if you only had foreign tax credit on wages in a prior year,  and you did make the simplified election, you would have only one Form 1116 for general limitation income.  

 

If you did not make the election, you would have 2 Forms 1116 for general limitation income in your return, one for regular tax and one for AMT.

2 Replies
Expert Alumni
Feb 17, 2023 11:01:59 AM

Please check for Forms 1116 in your return for the year you wish to know. 
 

If you did make the simplified foreign tax limitation election for AMT in a previous year, there will be only one Form 1116 for each type of income. 
For example, if you only had foreign tax credit on wages in a prior year,  and you did make the simplified election, you would have only one Form 1116 for general limitation income.  

 

If you did not make the election, you would have 2 Forms 1116 for general limitation income in your return, one for regular tax and one for AMT.

Level 1
Feb 17, 2023 2:12:10 PM

Thank you!

Apparently I have never filed a 1116 before, and neither have I ever owed the AMT.