[smrichard]

The NINJA notes say AMT is carried forward indefinately. What does that mean? If you pay AMT this year and next year you owe less than AMT can you get some of that back? I don’t get it. Thanks for your help!

FAR 82
AUD 81 (2007), 73, 80
REG 68 (2010), 76
BEC 58 (2007), 75 DONE!!!!

[WhyMe23]

From what I understand AMT credit is carried forward but can only offset the regular tax liability for the amount it exceeds the AMT in future years, it does not directly offset the following years AMT. As for how you get the AMT credit, not really sure what qualifies but I am hoping that is beyond the scope of the exam.

B - 85 (5/31/11)
A - 93 (7/1/11)
R - 87 (7/29/11)
F - 77 (8/31/11)

[jeff]

WhyME is correct – it can only offset regular taxable income in the future – not AMT. You carry it forward until you use it.

For exam purposes – know the AMT preference items and add-backs. You'll be good to go.

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA Review

[smrichard]

Thank you!

FAR 82
AUD 81 (2007), 73, 80
REG 68 (2010), 76
BEC 58 (2007), 75 DONE!!!!

[Author]

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