My situation as explained above:
- i have had and used FTC in previous years. I still have carryovers from 2021 and 2022.
- Just FIY the unused FTC is valid for up to 10 years to be carried forward!
- For 2023 and 2024 I don't have foreign income and I haven't paid any foreign taxes. Note I don't want to use FTC for the current year!
- AFAIK to be able to carry forward the unused FTC you need to fill the form 1116 Schedule B and fill the unused balances of FTC for corresponding years. If you don't fill this you loose the carryovers for future years. This basically means for my situation if I don't fill form 1116 Schedule B in 2024, and fill in the amounts of unused FTC from 2021 and 2022, I wont be able to use it in fiture years ( lets say 2026 for example ) when I actually have foreign income.
One more time - I don't want to use FTC for this year ( I'm not eligible for this ), I know what FTC is and have used it a few times and I'm familiar with the FTC forms. The only thing I want to do is to declare unused FTC from previous years so that I don't loose it and I'm able to use it in future (lets say 2 years from now). What should happen is that form 1116 should be mostly empty and then only form 1116 schedule B should include the information about the previous years unused FTC. I hope this brings some clarity!
So any idea how can I enter in TurboTax premier (web version) the amounts of carryovers from previous years?
