carryover of foreign tax credit - why it does not work?

Forum|Forum|6 years ago
March 17, 2020
1 reply
22 views

I have paid foreign taxes in 2017 and 2018. Than was able to use these credit partially - in 2017 and 2018 returns. So I fill out 1116 this year, put all numbers for used and disallowed credits. But it does not change the final return at all. I suspect that the reason is - this year I am getting money back from Uncle Sam, while 2 previous years I owed him.

Is it right, or the reason is somewhere else?

To increase my chances for the carryover next year, should I ignore quarterly estimated taxes?

TurboTax Home & Biz Windows

rogge1722

Level 10

The balance due, refunds or estimated payments have no influence on foreign tax credit. If you received no credit for TY2019, in Forms Mode, bring up form 1116. Are there amounts in lines 14, 19, 20, 21, 22, and 33?

Fig WamAuthor

Level 2

Amount in line 14 is 0. Lines 19, 20, 21, 22 are empty. In line 33 - 0. What does it mean?

rogge1722

Level 10

We start from the beginning. Is there any amount in line 1a, line 6, and 7? Do you have any entries in column A? Is there data in part 2 "foreign taxes paid or accrued"? If so, is there an amount in line 8?