No, the use of the AMT credit is not dependent on your current year's income, but you as you already seem to realize, the credit can't be used to reduce 2024 Alternative Minimum Tax.
The use of the AMT carry-forward credit depends on why you paid Alternative Minimum Tax in the first place. If you had timing items, such as Incentive Stock Options, you may be entitled to claim the credit in a future year. You wouldn't normally qualify for the credit if the AMT resulted from high income, large number of dependents, high property taxes and other such situations not related to a timing item.
When preparing your 2024 return, in Deductions and Credits, Estimates and Other Taxes Paid, start Credit for AMT Paid in Prior Year.
- You'll see a screen Tell us about your 2023 tax return. Proceed to enter the amounts from your 2023 Form 6251, line 11, and/or your 2023 Form 8801, line 26.
- Continue with the screens that follow regarding your 2023 return.
The information that you provide will create the calculation of any current year AMT credit or future carryover.
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