No way. You lose all the tax advantages. I don't find it a big deal using Turbotax. The (US) royalty trusts are a much bigger pain than MLPs. With MLPs I just enter the K-1 data directly into Turbotax. With some of the Amroys I needs to do pages and pages of manual calculations.
you're correct liza. My foreign earnings aren't over the threshold with regard to total earnings so all I have to worry about is the AMT because of a lot of AMT munis and of course the probable raise of dividend taxation to marginal rates in the coming year.
In any case there will be likely pressure on maintaining net after tax income on anyone who pays taxes.
So much for the promise to exempt incomes less than $250K from increases, a boldface lie if there ever was one.
Even if you are not subject to AMT, you may not get all the 15% foreign tax back. There are limits based on percentage of foreign income to total income, etc. I let Turbotax handle all the calculations and I generally get only about two-thirds of it back. The rest is carried over to the next year, but since my situation in the next year is much the same, my carried forward amount just keeps growing and I don't expect to ever get it all back. Can't do anything about it.
Yes the additional AMT Foreign Tax credit may apply. If you use a program like Taxcut, it produces the form automatically when AMT applies. So for me, another form and another 5 minutes maybe (including print time). 10 minutes to get the money back :-) HH