DaveF1006
Expert Alumni

Get your taxes done using TurboTax

Carryover and Carryforward are synonymous. As far as reporting carryover projections into future years, this doesn't get reported to the IRS so no such schedule exist. As a value-added benefit, your CPA may have prepared this in a worksheet for your own reference but but it is premature to project what the carryover is because you may have future Foreign Tax Credits to report. If that is the case, which would make these projections null and void. Also, keep in mind, you may apply some of these carryforwards in future years so some of these carryover amounts may not be correct from 2021-2027

 

In a nutshell, we are only interested in your past carryovers to report on Form 1116 for this year. Turbo Tax automatically does this from the information you record in the screen above. Whatever, credit is unused this year will be reported as a  carryforward or carryover. From then on, the carryforwards will be reported on next year's 1116 and will be carried over indefinitely until used.

 

@sun244

 

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