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Deductions & credits
Yes, you are correct! Since 2023 is the first year you have a Foreign Tax Credit (FTC) carryover and you haven't used any of it yet, you should enter $0 under the "Amount Used" column for 2023.
As for how TurboTax handles the carryover, it will automatically calculate and apply as much of the carryover as possible to your 2024 tax return, provided you have eligible foreign income to offset. You don't need to tell TurboTax how much to use. TurboTax will use your carryover the best based on your tax situation.
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March 14, 2025
1:18 PM