I always filed my taxes with a preparer and am doing it myself for the first time this year. I had carry over foreign tax credits from 2017-2020 for a total of 6 dollars between all the years.
For this year I have 16 dollars worth of foreign taxes on passive income (1099) and nothing else. Do I need to fill out form 1116 or can I forefeit the small amount and take the simplified credit of 16 dollars for the current year and avoid the 1116 form?
You can forfeit the carryover and only take the current year Foreign tax credit (FTC) and avoid the need to File Form 1116. As long as your foreign taxes paid for the year are less than $300, you can opt out of filing Form 1116. You may need to delete the Form 1116 on TurboTax to remove the carryover amount from the previous year. Otherwise, TurboTax will automatically fill out the form 1116. See the following link on how to delete forms:
Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.
Explore your optionsEnter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2026 Intuit, Inc. All rights reserved.
Intuit, QuickBooks, QB, TurboTax, Credit Karma, and Mailchimp are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.
Security Certification of the TurboTax Online application has been performed by C-Level Security.
By accessing and using this page you agree to the Terms of Use.
© 2026 Intuit Canada ULC or its affiliated companies. All rights reserved. Intuit, QuickBooks, QB, TurboTax and ProFile are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.
Copyright © Intuit Canada ULC, 2026. All rights reserved.
© 2026, Entreprises Intuit Canada ULC ou ses sociétés affiliées. Tous droits réservés. Intuit, QuickBooks, QB, TurboImpôt et ProFile sont des marques déposées d’Intuit Inc. Les modalités, prix, fonctions et options de service et de soutien peuvent changer sans préavis.
© 2026, Entreprises Intuit Canada ULC. Tous droits réservés.
