Deductions & credits
It depends. Check you last year's return to see if you have a 1116 comp worksheet. Scroll to the bottom of the worksheet to and you should see a complete list of carryovers. If not, then you may need to look through each year's return. For your reference, I included a screenshot on what the worksheet looks like this year.
If these worksheets are unavailable, you can look at each Form 1116 and determine the amounts.
- Look on line 14 for the amount of foreign taxes reported.
- Look on Line 35 for the amount of tax being utilized
- The carryover that is reported is the difference between these two amounts.
Meanwhile, here is the screenshot of the worksheet I mentioned to you in the first paragraph.
