MarilynG1
Expert Alumni

Deductions & credits

What type of Foreign Income are you reporting?  There are seven categories.  There's a separate Form 1116 for each category.  If it is only 'passive income' from 1099-Div or 1099-Int, the Foreign tax you entered for these is transferred automatically to the Foreign Tax Credit Section.

 

All you need to do is enter the amount of passive income associated with these taxes in this section. 

 

However, you are correct that if you had Foreign Tax Credit carryovers from 2020, you need another worksheet that details the type of foreign income that the carryover is for. 

 

"Any carryover or carryback amount requires attachment of a detailed computation for the amount claimed. If carryovers are entered in this worksheet, the program will automatically print a Form 1116 Carryover Statement containing the information in the "Carryovers from 2020" section. Alternatively, the carryover worksheet may be attached as a statement."

 

The Form 1116 Carryover Statement is scheduled to be available 03/31/2022. If you elect not to claim your carryover, you could probably Efile now. 

 

I don't see "Total Income all Sources in 1116 line 3f" in my Form 1116 for either General Category Income or Passive Income.

 

Here's more info on Claiming the Foreign Tax Credit.

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