Thanks for your speedy response. 🙂
Just to be sure that I understand this correctly ... I will not be able to do a carry back from my 2024 excess ftc if one or more of the following is true:
- I had no ftc in the relevant category in 2023, or
- my 2023 ftc in the relevant category was MORE than the amount in my 2024 Form 1116 worksheet, "foreign tax credit carryovers to 2025" section, regular tax table, year 2024, "utilized" column, or
- in 2023 I didn't file a form 1116.
If I meet any of the above conditions, then I don't need to file an amended 2023 form and TT will automagically apply this as a excess ftc carry forward in TY 2025.
Do I understand this correctly?
