topic Foreign tax credit carryback in Deductions & credits

Foreign tax credit carryback

Tom1116 — Mon, 09 Mar 2026 09:01:49 GMT

I am preparing my 2021 tax return and I have foreign income earned through a mutual fund. The 1099-DIV shows that I paid foreign tax. While filling out form 1116 Turbo Tax indicates that I need to amend my 2019 return due to a carryback. IRS publication 514 discusses a carryback to the previous year but not 2 years back. Can someone explain how to reconcile the 1 year carryback in publication 514 with the 2 year carryback in TT?

Re: Foreign tax credit carryback

AmyC — Mon, 07 Mar 2022 21:48:28 GMT

2021 Publication 514 - Internal Revenue Service page 24 clearly says one year. The programmers missed a spot. The 2019 should say 2020. The carryback is for one year. Thanks for letting us know about the issue. Related:

Save a copy of the original return before doing an amended return.
See how to file an amended return.
Follow your amend at track an amended return
See I need to amend my state return.