I'm using TT Online for 2023 taxes. I have about $1000 in foreign taxes paid from mutual funds and thus TT created a Form 1116. Following all the prompts for tax credits, I eventually get to a screen "Excess Foreign Tax Credit." The amount TT put into the box on this screen for carryback to 2022 is a little lower that the $1000, but it happens to be the exact amount of foreign tax paid in 2022--that seems very odd. When I accept that amount on this screen, I'm taken back to the Tax Breaks menu, which tells me that I don't receive any of that credit for my 2023 taxes.
Since I can't see the actual 1116 worksheets, I have no idea how this result came about, how much of the $900+ is allocated to a carryback or carried forward, and whether I can use TT to figure out if I should send in an amended return for 2022. Any guidance here on what TT is doing? Thanks!
