Form 1116 has several parts relating to Foreign Tax Credits. The part I'm asking about is for the carryover from prior years. Last year I reported both "General Limitation" income and Passive income. This year the General Limitation income (salary) is exempted so I only need to claim the credit for passive income.
My main objective here is to get the carryover data into TurboTax since this is my first year using TurboTax.
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Go to Forms Mode. If Form 1116 is listed in the left pane, click on it and it will appear in the right pane. If Form 1116 is not in the left pane, click on the "open form button" at the top and follow the instructions to create it. Once it is in the right pane, scroll down near the bottom to the foreign tax carryover section. All cells in yellow are for user input. If anything is not clear, right click on any cell and a box will appear. Click on the bottom entry and another box will appear with an explanation for the cells.
Go to Forms Mode. If Form 1116 is listed in the left pane, click on it and it will appear in the right pane. If Form 1116 is not in the left pane, click on the "open form button" at the top and follow the instructions to create it. Once it is in the right pane, scroll down near the bottom to the foreign tax carryover section. All cells in yellow are for user input. If anything is not clear, right click on any cell and a box will appear. Click on the bottom entry and another box will appear with an explanation for the cells.
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