Teresa (or whomever else may know the answer!),
Thanks for the latest update, very useful. I have a slightly different, but related, question I hope you can help with.
I have passive foreign income from a mutual fund in 2021 but no 2021 foreign tax was paid on it (at least not passed thru to me as such). I would like to claim the portion of that mutual fund income that is foreign to trigger the foreign tax credit using my foreign tax credit carryover.
The carryover is in turbotax but when I enter $0 in the foreign taxes paid box in the dividend income interview it then does NOT ask me for the portion of my income that is foreign or fill out the top section of 1116. Basically it acts as if I NEED to have a 2021 foreign tax paid amount >$600 to trigger the full use of the 1116 form even though I have foreign tax credit carryover greater than this amount that I would like to use.
How do I get the program to 'trigger' the use of the 1116 to activate my foreign tax CR carryover? Is this an issue in the program OR is it an IRS rule that you MUST have current year foreign taxes paid before accessing your foreign tax carryover?
I appreciate any help/clarification on this!
Bill
