DaveF1006
Expert Alumni

Deductions & credits

It depends. If you are using the Windows or Mac-installed version.

 

  1. Switch to Forms Mode (click the "Forms" icon in the top right). 
  2. In the list on the left, click Open Form.
  3. Search for Form 1116 for the General Category.
  4. Look for Schedule B (Form 1116). This is the specific schedule the IRS introduced recently to track carryovers.
  5. Manually enter your carryover amounts in the appropriate year columns. This "forces" the form into your return without needing any entries in the "Wages & Income" interview.

If you are using the online version, you have no access to the forms. Instead, you would enter this differently to force the Form 1116 and Schedule B (Form 1116) into your return.

 

  1. Go to federal>deductions and credits>estimates and other taxes paid
  2. Click Start or Revisit next to Foreign Taxes.
  3. When you get to the country summary, select "RIC" (Regulated Investment Company) from the dropdown
  4. On the screen that asks for income and taxes, leave them both as $0 (or blank).
  5. Proceed to the "Foreign Tax Credit Carryovers" screen and enter your 2022, 2023, and 2024 amounts.

By entering $0 instead of leaving the section entirely, TurboTax should recognize that a Form 1116 calculation is "in progress" and generate the form to track the carryover.

 

Let us know if this works. If you use the software, 

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