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Retirement tax questions
I viewed your diagnostic. Although a negative amount of -25,565 is reported in line 18, it won't make a difference because Form 1116 is not required to be filed this year because your foreign tax credit was less than $300 for the year. In fact, it isn't included as a form in your return, or shouldn't be anyway.
Since you have no tax liability listed in Line 18, of your 1040, you could not utilize the tax credit this year so it is shown as a 2025 carryover on 1116 Comp Worksheet, which is a form in your return.
I would suggest ignoring this for this year. Whether Line 18 be 0 or negative number, it doesn't make a difference.
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3 weeks ago