It depends. It might be that you were not able to utilize the foreign tax credit this year and that the entire amount of your credit is a carryover that can be carried back one year or carry forward for the next ten years.
The IRS limits the foreign tax credit you can claim to the lesser of the amount of foreign taxes paid or the U.S. tax liability on the foreign income. The excess limit is created when the U.S. taxes on that foreign income are greater than the foreign taxes paid.
To verify if you have a carryover in Turbo Tax Online, go to tax tools>tools>delete a form. Verify if you have a Schedule B Form 1116 in your list of forms. If you do, then you have a carryover, unless you have carryovers from prior yeas.
If you are using the software, go to the forms mode in your software and look in your list of forms. Schedule B Form 1116 should be a form listed in your return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
