The credit can be used to offset foreign income of the same type (earned, passive, etc.) that is earned in subsequent years. It can be carried forward, typically, for up to 10 years.
To enter foreign tax carryovers in TurboTax if you did not file using the program in prior years, go to Deductions & Credits, Estimates and Other Taxes paid. Select Start beside Foreign Taxes Paid and follow the prompts.
You will need to answer yes that you have foreign taxes paid to enter in order to get to the screen that allows the entry of your credit.
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