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TurboTax bug: Foreign tax credit carryover ignored when carryover is AMT only
I have two Form 1116s defined in TurboTax for a foreign tax credit carryover from a prior year:
Copy 1: General Category Income
Copy 2: Passive Category Income
For Copy 2 (passive category income), the foreign tax credit carryover is AMT only (the regular tax credit carryover is zero). For some reason, TurboTax ignores it and neither the Form 1116 nor the carryover statement are present in the final generated tax return PDF.
If it helps, the specific values in the Copy 2 carryover worksheets are:
Foreign Tax Credit Carryovers
None
AMT Foreign Tax Credit Carryovers
Year: 2014
AMT Foreign Taxes: $614
AMT Amount Used: $453
Can Intuit fix this bug so the 1116 and carryover statements for passive income generate correctly?
Topics:
March 6, 2020
11:22 AM