@LinaJ2020 : thank you for your answer. I have some more questions about that.
I have a FT credit that i want to carry forward and I can't make TT file 1116 form for me.
These are the steps:
- Deductions & Credits
- Continue
- 'I have foreign tax credit carryover that I want to use. Learn more'
- Continue
- Continue
- Take a Credit
- Continue
- "Do all of the following apply to your foreign income and expenses? - All foreign taxes paid were reported with interest and dividend income only. - You are claiming no expenses against foreign income. - You are claiming no adjustments to foreign income." ---> Yes
- "Foreign Taxes Were" Paid -> Continue
- "Do you have any foreign tax credit carryovers from 2019 or a prior year?" -> Yes
- I filled 'Foreign Tax Credit Carryovers' -> Continue
- I filled 'AMT Foreign Tax Credit Carryovers' -> Continue
I see final page:
Excess Foreign Tax Credit: You have an excess credit that can be carried forward for up to ten years to reduce your taxes. In some cases, you may also need to carry back this credit amount to last year by amending last year's return to claim an additional refund.
I clicked Continue and I was back to 'Deductions & Credits'
Now I went and printed tax return preview and I see new pages:
- Foreign Tax Credit Computation Worksheet 2020
- Foreign Tax Credit Carryovers (with the correct values i want to carryover to 2021 and further)
Though these are worksheets and they are not going to be efiled. There is no 1116 form.
What I am doing wrong? How can i get 1116 generated ? If I understand it right I need to file 1116 in order to be able to use the carryover in future.
Thank you in advance 🙂
