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Get your taxes done using TurboTax
Has anybody tried to just zero out the excess carry over to next year in the form 1116 worksheet and tried e-filing? Did IRS accept? That way, at least you get a higher refund this year in comparison to taking the foreign tax credit as an itemized deduction. The con is that you lose the excess carryover and cannot claim them in subsequent years. Also, I am not sure if overriding the excess carryover to zero has issues with the actual 1116 generation, subsequent e-filing and IRS acceptance. cc @Anonymous_
March 4, 2022
10:16 AM