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Returning Member
posted Jun 4, 2019 5:29:24 PM

I've deducted foreign taxes before, but not when I was subject to AMT. I am now. Should I elect the simplified foreign tax limitation credit this year?

All of my foreign taxes paid were from mutual funds or stocks

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1 Best answer
Level 15
Jun 4, 2019 5:29:25 PM

AMT does not itself  chnage anything as to how you treat foreign tax ( credit or deduction ) -- note however that from  2018  ( under the new law ) foreign tax deduction allowance  is questionable ( there is no IRS guidance on this  yet whereas the  SALT deduction is out ).

1 Replies
Level 15
Jun 4, 2019 5:29:25 PM

AMT does not itself  chnage anything as to how you treat foreign tax ( credit or deduction ) -- note however that from  2018  ( under the new law ) foreign tax deduction allowance  is questionable ( there is no IRS guidance on this  yet whereas the  SALT deduction is out ).