As line 16 of form 1040 is zero, the exemption cannot be used. It cannot be refunded but it can be carried over: otherwise it is lost.
If you choose to carry it over, here is the technique
Go thru the foreign tax credit interview. Then open the Federal Information Worksheet . Scroll down to Part 6. The fifth paragraph is labeled “Foreign Tax Credit (Form 1116). Checkmark the box to file form 1116.
Then bring up the foreign tax credit comp. worksheet. Scroll down to the bottom to the carryover section and you should see the credit carried over to 2024.
