rogge1722 regarding your statement – ‘In your case, the f1116 computation worksheet category is general category but TT makes no distinction. If there are any carryovers in any category, TT will not use the exemption.’
My situation may not be the norm - a few years ago, I owned shares in an MLP (SEP – Spectra Energy Partners LP) that had operations in Canada. There was a forced buyout of my shares, but I continue to have a carryover of $28 for Foreign Tax Credit classified as Copy 2-General Category Income.
The carryover remains available for ten years, however, this was a one time investment and I do not plan to engage in any activity going forward that will generate Copy 2-General Category Income and I am not aware of any way to use this credit. In 2020, to simplify my taxes, I reduced my investments in foreign funds to keep foreign taxes paid well below the $300/$600 limit. My goal is to not have to file IRS form 1116.
