R2 - Individual Taxation - Other Taxes

Question 1

Which credits are allowed to offset AMT?

Answer 1

FACCE
Foreign tax
Adoption
Child tax
Contributions to retirement plans
Earned income

Question 2

How long may the AMT credit be carried forward?

Answer 2

Forever

Question 3

What is the calculation for AMTI?

Answer 3

Regular taxable income + adjustments: PANIC TIMME
Passive activity losses
Accelerated depreciation
NOLs
Installment method
Contracts
Taxes
Interest (home interest okay)
Medical expenses
Miscellaneous deductions subject to 2%
Exemptions