# AMT



## angin (10 mo ago)

Hi good morning...would appreciate your help with the following...
In the past, I always attached to form 1116 a Supporting schedule showing carryovers etc, as follows..


Tax year.... Foreing tax Utilized Carryover
(example) 3000 800 2200



AMT
Tax year Foreign tax Utilized Carryover
(example) 3000 0 3000


With the introduction in 2021 of Form 1116 Schedule B one can show all carryovers from previous years, but what about the AMT...must a separate Supporting schedule be used.....or is it not necessary.. would only the schedule B with the carryovers be sufficient? I hear AMT is for high worth individuals....in my case...at most 25000$ yearly 2 pensions SS. I don,t use software, I prepare and print my returns by downloading forms etc at home.
Thanks so much...


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## Moulard (Feb 3, 2017)

Hope this answers your question even if in a rather round about way...

Anyone who uses Form 1116 is required to complete, but not necessarily submit Form 6251. You only need to attach Form 6251 to your tax return if the AMT Tax amount that is spit out is greater than 0. 

If it is, then you have to prepare both standard and AMT versions of Form 1116 (including the new schedules) along with Form 6251.

Given the AMT income amounts are not indexed for inflation, it is not too difficult to be caught in the AMT nexus at least as far as having extra paperwork to submit but the threshold for actually owing AMT rather than the standard tax rates is a different matter.

Basically, prepare your 1040... copy the numbers at key lines into Form 6251.. if the outcome is 0 then you can ignore the AMT and the AMT version of Form 1116 and its schedule B.

Where it gets interesting is that if you ever had to submit AMT versions of form 1116 in the last 10 years but do not have to file an AMT version in the current year.

If you were in that position, then I think I would just attach a copy of the carryover worksheet for the AMT versions...to show that there are AMT taxes that are being carried over.

If you ever had to file AMT versions there would at least be an audit trail that showed you calculated the carryover amount in the past.


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## angin (10 mo ago)

My AMT carryovers were always 0.....thank you


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## Moulard (Feb 3, 2017)

Then I think you can safely ignore AMT until such time as Part II of Form 6251 spits out an AMT value above 0 on what is currently line 11.

If, and when that happens you create a second set for Form 1116 using the AMT tax amount and would attach the AMT versions of those the form for each category of income along with an AMT version of schedule B.


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## angin (10 mo ago)

Thanks so much and have a great 2023..


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