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Foreign tax credit carryover directly to following year (no foreign income)
I have foreign tax credit carryovers from previous years in several income categories. This year I have no foreign income in those categories, so I cannot use the credit for 2019. Given that, do I need to file Form 1116 for each income category anyway, in order to bring those carryovers forward to 2020?
In other words, I'd like to know: (1) does the IRS require documenting unused carryovers every year, and (2) will TurboTax allow me to re-enter the carryovers as needed in future years?
March 13, 2020
12:46 PM