DaveF1006
Expert Alumni

Deductions & credits

Yes, here is how to get to the carryover screen in 2024.

 

  1. Navigate to Foreign Taxes: Go to Federal > Deductions & Credits > Estimates and Other Taxes Paid > Foreign Taxes.
  2.  Continue through the prompts. When asked if you want to take a credit or deduction, select Take a Credit.
  3. If you don't have new 2024 foreign income, you must still add a "country" to trigger the form. Enter RIC if it is there.
  4. Leave the income and current tax fields blank (or $0) and continue until you reach the "Foreign Tax Credit Summary" or "Carryovers" screen.
  5. On the screen asking for carryovers, enter your excess credit amount from 2025. TurboTax will then populate the necessary line on Form 1116 for your 2024 amendment

 

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