Figuring AMT Amounts

For the AMT, certain items of income, deductions, etc., receive different tax treatment than for the regular tax. Therefore, you will need to figure items for the AMT differently from how you figured them for the regular tax. These instructions will help you figure AMT items by using the amount you figured for the regular tax and refiguring it for the AMT. In some cases, it is easiest to refigure an item for AMT by completing a tax form or worksheet a second time using additional AMT instructions. These instructions refer to such a form or worksheet as an “AMT” version. If you do complete an AMT version of a form or worksheet, don’t attach it to your tax return unless instructed to do so. For example, you may have to attach an AMT Form 1116, Foreign Tax Credit, to your return; see Line 8 , later.

As you figure some deductions and credits for the AMT, carrybacks or carryforwards to other tax years may be different from what you figured for the regular tax. Examples are investment interest expense, a net operating loss (NOL), a capital loss, a passive activity loss, and the foreign tax credit. Your at-risk limits and basis amounts may also differ for the AMT.