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Foreign Tax Credit Carryover
I have accumulated foreign tax carryover from previous years, and in 2022, I used most of the accumulated carryover (see below), carrying over $3,277 to 2023. Now the TurboTax gave the error message: Incoming C/O Utilized should not reduce the foreign taxes below 0 and highlighted $126,735 as red. I understand that I overutilized in 2022, but accumulatively I did not (still have $3,277 left). Can you advise? Thanks!
Foreign Tax Credit Carry Over | General Income Category | ||
Foreign Tax Paid and Allowed | Credit Utilized | Carry forward | |
2013 | 47,136 | 33,749 | 13,387 |
2014 | 71,428 | 61,793 | 9,635 |
2015 | 83,693 | 67,331 | 16,362 |
2016 | 80,102 | 80,102 | - |
2017 | 36,379 | 27,009 | 9,370 |
2018 | |||
2019 | |||
2020 | |||
2021 | |||
2022 | 81,258 | 126,735 | (45,477) |
Total | 399,996 | 396,719 | 3,277 |
‎April 11, 2024
9:02 PM