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Deductions & credits
Yes, you can elect to not use last year(s) carryover tax credits. I was stuck like everyone with the 1116 change and not able to e-file. The second check box states: "or you have carryovers and you agree NOT to use them this year."
By checking the second box, I no longer need the 1116 form and can e-file. Not sure if I will be able to use my 2020 carryover next tax season, but not worth it to me to wait any longer on TT to figure it out. Seems like being able to carryover up to 10 years should give TT enough time to fix this mess!
March 3, 2022
12:18 PM