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What is the impact on an alternative minimum tax (AMT) NOL carryback?

April 26, 2017alternative AMT carryback impact mcgladrey minimum NOL tax

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What is the impact on an alternative minimum tax (AMT) NOL carryback?

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• The 90 percent limitation on the use of any AMT NOL deduction is suspended for carrybacks for which the taxpayer elects an extended carryback period. • Allows an AMT NOL to fully offset alternative minimum taxable income in the carryback year. • For a 5-year carryback of an AMT NOL, the 50 percent limitation is applied separately based on alternative minimum taxable income.