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Get your taxes done using TurboTax
Have I lost my FTC and AMT carryovers? Like a few here I was stuck at "Form 1116 (COPY 1) - Foreign Tax Credit Comp Wks: Total Outgoing C/O has a value. This will require Form 1116, Schedule B, which will be available in a future product update." There was a Form 1116 among my forms, showing all my prior year carryover details. Then today I changed my FTC from credit, to (worthless) deduction, and then back to credit. And now Smart Check says I am good to eFile - BUT there is no Form 1116, worksheet or prior year detail! Did I just lose all that $1527 carryover plus the $1039 in foreign tax paid in 2021? What a mess!
March 4, 2022
12:02 PM