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Form 1116 Carry over and Carry back
Hi there, I have ~$700 foreign tax credit from Vanguard VXUS this year. I had foreign tax credit of ~$660 last year from the same. Line 21 (Maximum amount of credit) of form 1116 of my current Turbo tax form shows $3200. I have been choosing No for the question below every year as I assumed line 21 has be small than the previous year's foreign tax credit. (My Five year tax history shows Total Credits =~469 for 2019, $624 for 2020, $490 for 2021, $624 for 2022 and $660 for 2023). Please confirm my understanding. If you recommend choosing yes, then please advise where to find the Foreign Taxes and amount used for previous years. Thank you.
‎February 22, 2025
11:09 AM