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Video instructions and help with filling out and completing Individual amt credit carryforward 2021-2022
Hi folks I'll be talking about access credit carryover today if foreign tax credits exceed the limitation in a given taxable year these can be carried back one year and forward up to ten years excess credits on general limitation income can offset only past all future access limitations on general limitation income foreign tax credits can also be used to offset the alternative minimum tax dmt AMT foreign tax credit is computed in the same manner as credit for regular tax purposes with one exception for regular tax purposes the limitation equals the pre credit US tax multiplied by the ratio of foreign source taxable income to worldwide taxable income with separate limitations computed for passive category income and general category income same basic formula and separate income limitations apply for AMT purposes except that the pre credit US tax amount is now the tentative minimum tax before any foreign tax credits and the foreign source and worldwide income amounts are computed on the basis of alternative minimum taxable income taxpayers have a choice to use simplified AMT foreign tax credit limitation when calculating their AMT foreign tax credit election to do so as made in the taxpayers first tax year for which the taxpayer claims an AMT foreign tax credit it then applies to all subsequent tax years it is only revocable with the consent of IRS let's talk about deemed foreign tax credit gross income if a domestic corporation receives dividends from a foreign corporation it cannot claim dividend received deduction even if it owns the foreign corporation dividends received will be included in the total taxable income of the domestic corporation if United States has already taxed the earnings of a subsidiary corporation the dividends received by such cooperation will not be taxable to domestic corporation a domestic corporation that owns 10% or more of a foreign corporation can claim dividend received deduction for the portion of dividends attributable to income derived by the foreign corporation from either the conduct a US trade or business or dividends received from an 80 percent or more owned domestic corporation direct foreign tax credit under Code section 903 a u.s. person can claim a direct foreign tax credit for any foreign withholding taxes it incur dividend from a foreign corporation deemed paid foreign tax credit under Code section 9:02 a domestic corporation can also claim a deemed paid foreign tax credit if it owns 10% or more of the voting stock of the foreign corporation from which it receives a dividend distribution gross opt for deemed paid foreign taxes to prevent a double tax benefit in the form of both an implicit deduction and a deemed paid credit with respect to the same foreign income taxes a domestic corporation must cross up its dividend income by the amount of the deemed paid credit the taxpayer must report an amount of income dividend plus quote section 78 grows up equal to the foreign corporations pre-tax earnings related to the.