Question

Form 1116 AMT and Schedule B 1116 AMT doesn't appear in Form tree in left hand Pane.Not able to print also.It is 2022 premier dektop.Generating form but still same

Forum|Forum|2 years ago
August 30, 2023
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Form 1116 AMT and Schedule B 1116 AMT doesn't appear in Form tree in left hand Pane.Not able to print also. Generating the forms but still it won't appear in form tree on last hand pane.I am trying to file 1116 AMT and schedule B 1116 also though I am not subject to AMT this year the generated 1116 AMT shows AMT FTC and schedule B AMT shows HUGE Carry over of balance for this year. But after the generation forms won't appear in form tree later and disappear.I understand unless I file these two forms I will not be able to take offset of AMT taxes for future years.How can get these forms in form tree .(Please don't say just generate--I did but they vanished later and I can NOT even able print the generated forms ).
Why TT won't allow us to include these forms in the form tree so that they can be filed too though this year not subject to AMT,filing these will be useful to offset future AMT taxes.With out filing these forms I believe I RS will not have record of this year AMT carry overs and they will not allow to input in next year return with AMT record with back date.
Experts of TT please advise.

TurboTax Online

A

Anonymous_

Employee

I will page @pk12_2 to see if any input can be added.

P

pk12_2

Employee

@Raytam , having read through the above post, I am not sure I understand the concern for the future years. If you are not paying AMT taxes ( i.e. incremental to your normal taxes due ), there is generally NO AMT credit whether this is dealing with foreign taxes or domestic taxes. As I understand form the post the AMT forms are perhaps being deleted because the taxpayer's income is below the threshold or because the taxes being levied is higher than the AMT computed taxes. So without actual figures , I have no way of knowing whether TurboTax is mis-behaving or not. Please could you provide more details of the situation ( figures) so I can run these on my copy of Home& Business TubroTax for Windows. --- please

pk

R

RaytamAuthor

Hi pk,

Thank you very much for your response. I appreciate.

I will summarize as below (since there are lot too many figures of minor values to give)

So Just to check the bottom line–

All these years when ever(few times) I have FTC, it is not much and this issue of AMTFTC has never came up.

This year as one time affair--I had considerable(passive) Foreign property LTCG as lump sum.

(This was input in form 8949 and Sch D ,Form 1116 ,calculation other method, no AMTFTC adjustments).

The other income is modest and main thing revolved around FTC.

Just I will summarize scenario of 6251 relevant essential points--for your kind review whether TT premier desk top/IRS policy allows skipping forms 1116 AMTFTC and Sch.B of 1116 AMT.

Form6251–

Line 7--2326$(since it bases on LTCG calculation ),Line 8--2124 $, Line 9 is 202$, Line 10 is 2634$ and Line 11 AMT is 'zero' $.(Line 7 is less than Line 10)

(Of course, Form 6251 shows up in the forms tree but finally in preview--for forms’ required for FILING--it is dropped off by TT)

Does this mean it is not mandatory not to include form 1116 AMTFTC and Sch. B of AMTFTC from IRS point of view and TT point of view?

If it is mandatory why TT is not allowing these forms to be included?

Even if it is not mandatory, since AMTFTC shows up in 6251,and since AMTFTC means there is some thing in Carry over also, is it not better include form 1116 AMTFTC, and sch B.

and form 6251 too--as this will help IRS to know there is left out AMTFTC credit for adjustment for future years which we can claim, in case

If it is case how to get the forms on board?

Please share your thoughts.

Thanks again.