I sold foreign property in 2019. I received foreign tax credit in the tax returns I filed last year(2020) but that was only partial as it limited how much credit I could take. Now I have several thousand dollars of foreign tax credit that I could not take last year and Turbotax is allowing me just about $160. How's that? Based on what you are saying if I don't have enough foreign tax in coming 10 years, then rest of the amount will never be recovered?
Or is this really limitation with TurboTax online? One of the CPAs I contacted said they can see the form where we can manually input balance foreign tax credit but that's available in desktop version of TurboTax and not online. Is that right? If so can I move my taxes without having to redo everything to desktop version and file?
