Thanks for your response. I think I will not bother with amending my 2020 and 2021 tax returns, which means I will forego the 2020 carryforward and 2022 carryback. However, since I have not filed 2022 yet, would I be able to fill out Form 1116 to establish the 2022 carryover amount, and then use it as a carryforward in future years if I have enough foreign source income that it can be utilized? Or does the tax law require that it would have had to be used for carryback first (meaning 2021), and if I chose not to amend the 2021 return, then I cannot use the 2022 amount for carryforward?
If I am not required to use the 2022 carryover as a carryback first, could you please provide more specific guidance as to how I would complete Form 1116 in TurboTax? Would performing these steps create Form 1116 Schedule B as well? Thank you.
