To do so, use only income and deductions allowed for the AMT when refiguring the limit based on taxable income from the property under section 613(a) and the limit based on taxable income, with certain adjustments, under section 613A(d)(1). Refigure your depletion deduction for the AMT. Your at-risk limits and basis amounts may also differ for the AMT. Examples are investment interest expense, a net operating loss, a capital loss, a passive activity loss, and the foreign tax credit. For example, you may have to attach an AMT Form 1116, Foreign Tax Credit, to your return see Line 8, later.ДЄs 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. If you do complete an AMT version of a form or worksheet, donвЂ™t attach it to your tax return unless instructed to do so. These instructions refer to such a form or worksheet as an вЂњAMTвЂќ version.

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 will help you figure AMT items by using the amount you figured for the regular tax and refiguring it for the AMT. Therefore, you will need to figure items for the AMT differently from how you figured them for the regular tax.

For the AMT, certain items of income, deductions, etc., receive different tax treatment than for the regular tax.

Turbotax home and business 2016 iso