i filled out the Foreign tax credit carryovers form and it does not carry over to Schedule 3 and when checking errors it tells me the total forgein tax should not have a value. help ign ta

Forum|Forum|6 years ago
September 17, 2019
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Critter

Level 15

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Anonymous

first FTC carryovers carry to form 1116 line 10. then a computation is made of allowable FTC on the form line 33. the allowable credit then goes to schedule 3. FTC can arise from various 7 types of foreign income and you must have similar income in the current year to be able to utilize the FTC c/o. for example say the FTC c/o is from passive income - generally foreign dividends interest and royalties. if you don't have any of this type of income for 2018, you get no FTC just gets carried over until it is either used or expires