Form 8801 (2016) - Purpose? MTFTCE Minimum Tax Foreign Tax Credit on Exclusion Items
I am stuck on line 12 of Form 8801, to calculate MTFTCE.
I filled out Form 1116 for regular tax and AMT in 2015.
The instructions say to fill out a MTFTCE Form 1116 to calculate. I get up to line 10 (carryback or carryover) on the 1116 worksheet.
The instructions say "Use your MTFTCE carryover, if any, on line 10."
I don't think I have any MTFTCE carryover (I haven't filed form 8801 before). But I do have foreign tax credits. On my 2015 Form 1116 that was used for regular tax, I had a positive value on my line 10 carryover. (on my 2015 form 1116 amt that was used for amt tax, I also had a larger positive number for carryover).
So I have a few questions:
What is the rationale / context for 8801 and line 12 MTFTCE? If I understand what this is trying to do, I can better understand the instructions.
I used foreign tax credit in 2014 and 2015. I don't have any foreign earned income for 2016, so does any of this matter anyway? I paid a couple thousand in AMT in 2015. I still have unused foreign tax credit, but am not sure I can do anything with it - can I somehow get some of that AMT back paid in 2015, or use more of my foreign tax credit carryover?
If it doesn't matter to me anymore, should I just skip 8801?
I'm using H&R Block Premium and it's gotten me into form 8801.