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Level 1

For Form 1116 AMT, in what case can GROSS INCOME - AMT be adjusted upwards with ADJUSTMENTS AND PREFERENCES to reach a larger Gross AMT Income? Different in 2015 v 2016?

I have seen in prior professionally prepared returns (for 2015) that the preparer attaches a SUPPLEMENT TO FORM 1116 - ALTERNATIVE MINIMUM TAX 

where they detail information as supporting FORM 1116

LINE 1A TAXABLE INCOME SOURCES 

and in this supplement they add an amount to the GROSS INCOME - AMT which is close but not exactly equal to the normal exemption available, after which they then push the sum (a larger TOTAL GROSS AMT INCOME) back into form 1116 AMT g.1a, which then results in a ratio of 1 when comparing 1116 AMT 3d and 3e.  

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Level 9

For Form 1116 AMT, in what case can GROSS INCOME - AMT be adjusted upwards with ADJUSTMENTS AND PREFERENCES to reach a larger Gross AMT Income? Different in 2015 v 2016?

how much foreign tax are we talking about.   you may be able to claim the foreign tax credit without needing to file form 1116.   if not required, the amt credit will be the same as the regular tax credit.


https://www.irs.gov/pub/irs-pdf/i1116.pdf