Hello. I'm filing a tax return for a minor with an UTMA account to make use of a capital loss after exchange last year (VTWAX -> VTSAX,VTIAX). The international stock fund (VTIAX) has a small amount of foreign taxes paid, but because the account has a net loss it cannot be used. My understanding is that I can carry it forward. However, because the foreign taxes paid is less than $300 Turbotax refuses to generate form 1116. How can I make Turbotax generate 1116 to take advantage of the foreign taxes paid in a later year? I will be able to use the capital loss from last year for several years so if not resolved this issue will stand next year as well. Thanks!
(As an aside, what does carryback mean? Foreign taxes can be carried back 1 year which baffles me.)
