You do have to report it each year for it to carry over and Thomas is correct about where to enter. Let me expand the steps to report a carryover from a previous year:
- Click on Federal Taxes > Deductions & Credits > I'll choose what I work on].
- Scroll down to the Estimates and Other Taxes Paid section.
- Click on the box next to Foreign Taxes.
- On the Foreign Tax Credit screen, click on the Yes box.
- Continue through the interview, entering the requested information.
- You should arrive to the Carryovers screen. Click the Yes box.
- Enter your carryover amounts on the next screen -- Foreign Tax Credit Carryovers.
See:
TurboTax resource: Filing IRS Form 1116 to claim the Foreign Tax Credit
IRS resources: Tax Topic 856 and IRS Publication 514 Foreign Tax Credit for Individual
@whodatis204 Assuming Saints fan, go Saints!
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