I am working on amending my previous returns for years 2023 and 2024, to correct errors in foreign dividend income for both years, which affect the foreign tax credit tables 1116. (Both amended returns are as yet unfiled.)
The amended 2024 return tells me I have exceeded my carryover limit for 2024 and asks if I want to carry it back to 2023. (It would be to my benefit because my 2023 carryover is currently 0). But I am going slightly crazy with the cascading effects of these changes to the foreign tax credits in Table 1116.
Can I just forget the carryback to 2023? Ttax registers it on Table 1116 in my 2024 amended return, but can I ignore it?
In addition, I have already filed my 2025 return, not having previously discovered the years errors relating to foreign dividend income in 2023 and 2024, and do not want to have to file an amended 2025. Can I wait until 2026 to correct these errors in table 1116?
(I am using the desktop edition of Ttax, so have complete control over everything -- except the adjustments that I don't quite understand but I'm assuming Ttax knows what it is doing!)
