Hi TaxHacks,
Thank you for your reply. I checked my 2020 K1 Form 1065. In 2020 form, it appeared box 16. "Foreign transactions" and that was blank so I am assuming that I had no foreign taxes or income in 2020 on K1. But I am not sure that if there occurred any Foreign transactions in 2021 since I haven't received K-3 (Since If it's not true that box 21 on Form 1065 is left blank does Not mean there is No foreign activity)
I think I will wait for K-3 until middle of September see if K-3 is provided. Hope it will be provided until then so I can complete my tax 2021 by due date.
BTW,
The total of foreign tax I paid in 2021 was below $300, my first time it fell under $300. However, I had to choose a regular method 1116 in the first year, 2014 and continued claiming 1116 every year. I have thousands of $ that were built up to carry over in each year since then ( never had chance to use it though, or I don't know how to use it !? )
TurboTax says:
Your 2020 return shows that you previously decided to use AMT adjustments to determine your taxable income and deductions on the Form 1116 you filled out for AMT purposes. You must continue to use this method. You should only answer No if last year's decision was an error, and you did not enter AMT adjustments in the first year you were required to file Form 1116 for AMT purposes. (Not using AMT adjustments is known as the Simplified Method.)
Even it's under $300 in this year, I can't eliminate Form 1116 because I was required to file 1116 in the first year, 2014.
Am I understand correctly?
