I had Foreign Tax Credit (FTC) carryovers from my 2023 return but no new FTC for 2024. TurboTax generated Form 1116, and the Schedule B for passive income is included in my return printout. However, the General Income 1116 carryover is missing.
I reviewed the FTC Computation Worksheet, which correctly shows the carryovers for both passive and general income categories to 2025. Since this is my first time filing taxes on my own using TurboTax, I am not familiar with the Form 1116 logic. However, I believe my FTC carryovers should be retained in my 2024 filing.
Questions:
What could have caused the General Income 1116 to be omitted? Could it be a software issue, or is it related to my tax numbers, such as AMT?
How can I ensure the FTC carryover is properly included in my return? I’ve seen posts of missing Form 1116 where TurboTax expert requested users to send their files to tech support. What should I do?
If I file without the General Income FTC carryover, will I lose it permanently, or can I claim it next year? What are the implications of missing this carryover, especially in terms of consistency with previous years?
Much appreciated!
