What are the consequences of using a Foreign Tax Credit. Behind the screen calculation, Turbotax reduced my $302 foreign tax credit to $259. It talked about carryback or carryforward for the balance. For that small amount I do not want to redo my 2022 taxes. Will I be forced to? I don't see that the ability to use it will be better in the future. It is a stock that I do not intend to sell, so I will continue to pay this amount of foreign tax every year. I have had this for 12 years and i have always been able to use the full amount,
and never had that kind of information pop up before. I am afraid to finalize my return.
It also says that once you make a decision you will have to abide by it from now on in future years. There is no explanation as to the consequences or aggrevation that it will cause in the future. I am at a lost as to what to do.
