[Tasia]

Am I correct in my understanding that individual AMT carryforwards offset future AMT liability only (never regular tax liability), and corporate AMT carryforwards offset regular tax liability?

BEC - 78 (8/30/13)
REG - 73 (1/31/14) - 76 (4/7/14)
***GETTING MARRIED 7/19/14***
FAR - after the wedding
AUD - also after the wedding

"For I know the plans I have for you,” declares the LORD, “plans to prosper you and not to harm you, plans to give you hope and a future." - Jeremiah 29:11

[TargetCPA]

AMT is only credited against regular taxes arising in later years as a result of reversal of income differences. The AMT credit can be used to decrease regular tax liability in a later tax year.

I think, non refundable personal credits such as dependent care credit, credit for the elderly and disabled, hope & lifetime credits are allowed to offset both AMT and regular tax liability.

If I am wrong, please correct me.

[TargetCPA]

AMT is only credited against regular taxes arising in later years as a result of reversal of income differences. The AMT credit can be used to decrease regular tax liability in a later tax year.

I think, non refundable personal credits such as dependent care credit, credit for the elderly and disabled, hope & lifetime credits are allowed to offset both AMT and regular tax liability.

If I am wrong, please correct me.

[Tasia]

You are right. I remembered the wrong thing from my notes. AMT paid can only offset future regular tax, not future AMT liability. Thank you for your help!

BEC - 78 (8/30/13)
REG - 73 (1/31/14) - 76 (4/7/14)
***GETTING MARRIED 7/19/14***
FAR - after the wedding
AUD - also after the wedding

"For I know the plans I have for you,” declares the LORD, “plans to prosper you and not to harm you, plans to give you hope and a future." - Jeremiah 29:11

[Tasia]

You are right. I remembered the wrong thing from my notes. AMT paid can only offset future regular tax, not future AMT liability. Thank you for your help!

BEC - 78 (8/30/13)
REG - 73 (1/31/14) - 76 (4/7/14)
***GETTING MARRIED 7/19/14***
FAR - after the wedding
AUD - also after the wedding

"For I know the plans I have for you,” declares the LORD, “plans to prosper you and not to harm you, plans to give you hope and a future." - Jeremiah 29:11

[CPA soon]

I am trying to remember, don't you also get the AMT carryforward refunded back if it doesn't have an offset by the 3rd taxable year following? Is that a rule or I just have things mixed up in my head lol?

FAR - 71, 68, 74, (8/31/14) 78 ✔
REG - 67, 71, 71, (10/18/14) 78 ✔
BEC - (11/29/14) 86 ✔
AUD - 73, (4/4/15) 86 ✔

I can't believe this is over! 2 years and 3 months..

[CPA soon]

I am trying to remember, don't you also get the AMT carryforward refunded back if it doesn't have an offset by the 3rd taxable year following? Is that a rule or I just have things mixed up in my head lol?

FAR - 71, 68, 74, (8/31/14) 78 ✔
REG - 67, 71, 71, (10/18/14) 78 ✔
BEC - (11/29/14) 86 ✔
AUD - 73, (4/4/15) 86 ✔

I can't believe this is over! 2 years and 3 months..

[TargetCPA]

I think, Unused AMT credit carries over for an unlimited number of years.

Please correct me, if I am missing any piece of information

[TargetCPA]

I think, Unused AMT credit carries over for an unlimited number of years.

Please correct me, if I am missing any piece of information

[CPA soon]

I just referred back to the book, and this is what it said:

C. AMT Credit

1. If a taxpayer pays altemative minimum tax, a credit against future regular tax is granted for the

amount of altemative minimum tax paid (with some exceptions). The carryforward of this credit

is indefinite.

2. Generally, each year, the greater of $5,000 or 20% of long-term (>3 years) unused minimum

tax credit may be refundable.

It's kind of confusing. Not sure how to read this…

FAR - 71, 68, 74, (8/31/14) 78 ✔
REG - 67, 71, 71, (10/18/14) 78 ✔
BEC - (11/29/14) 86 ✔
AUD - 73, (4/4/15) 86 ✔

I can't believe this is over! 2 years and 3 months..

[CPA soon]

I just referred back to the book, and this is what it said:

C. AMT Credit

1. If a taxpayer pays altemative minimum tax, a credit against future regular tax is granted for the

amount of altemative minimum tax paid (with some exceptions). The carryforward of this credit

is indefinite.

2. Generally, each year, the greater of $5,000 or 20% of long-term (>3 years) unused minimum

tax credit may be refundable.

It's kind of confusing. Not sure how to read this…

FAR - 71, 68, 74, (8/31/14) 78 ✔
REG - 67, 71, 71, (10/18/14) 78 ✔
BEC - (11/29/14) 86 ✔
AUD - 73, (4/4/15) 86 ✔

I can't believe this is over! 2 years and 3 months..

[Author]

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