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Get your taxes done using TurboTax
If the exemption cannot be used in whole or in part, by default it will be lost. The workaround is to elect not to use the exemption. Here is the technique.
Go thru the foreign tax credit interview. Then open the Federal Information Worksheet . Scroll down to Part 6. The fifth paragraph is labeled “Foreign Tax Credit (Form 1116). Checkmark the box to file form 1116.
Then bring up the foreign tax credit comp. worksheet. Scroll down to the bottom to the carryover section and you should see the credit carried over to 2023.
April 11, 2023
5:05 AM