The IRS tax code says you must amend the prior year before you can carry forward with this election. Choosing the new simplified election locks you in to that method. You must continue to use that method for all future years unless you get IRS consent to change it.
Follow these steps:
- Complete 2025 and locate excess foreign credit
- To amend prior year, select amend
- Update Form 1116 with the carryback from 2025
- You could see a refund on your 2024 return if the carryback is used.
- If it is not used, you have fulfilled your obligation in filing an amended return to claim the carryback and your forms show it.
- Be sure to check the AMT adjustment for simplified election.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
