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Get your taxes done using TurboTax
The program will not carryforward your unused foreign tax credit automatically. You will have to manually enter the unused carryforward amounts in the program. Here are the steps:
In TurboTax online,
- Open up your TurboTax account and select Pick up where you left off
- At the right upper corner, in the search box, type in "foreign tax credit" and Enter
- Select Jump to foreign tax credit
- Follow prompts
- On screen, "Foreign Tax Credit Carryovers", enter the carryforward amount on one of the screens. See image.
You should see the credit on line 31 of your Form 1040, carried over from Schedule 3. Per IRS, If you can't claim a credit for the full amount of qualified foreign income taxes you paid or accrued in the year, you're allowed a carryback and/or carryover of the unused foreign income tax, except that no carryback or carryover is allowed for foreign tax on income included under section 951A. You can carry back for one year and then carry forward for 10 years the unused foreign tax. For more information on this topic, see Publication 514, Foreign Tax Credit for Individuals.
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