Last year, because things seemed too complicated for me to input on my own, I ended up hiring someone to do my US taxes. This year she's been non-responsive, so it looks like I'll be filing my own return for 2020.
Actually, that shouldn't be much of a problem (I hope) using Turbotax since almost everything seems very clear and straightforward this time around, with just one small exception -- dealing with a Foreign Tax Credit carryover from 2019.
Looking at my 2019 return, I see that I have about $750 in "general limitation" foreign tax credit carryover, as well as about $10 of "passive income" tax credit carryover. But all I have as "proof" of my two foreign tax credit carryovers from 2019 is some computations on an extra sheet my tax preparer sent me along with my 2019 US return.
In 2020, my income was fairly low, due in part to the pandemic, so I may not have enough taxable income to be able to claim any of either credit.
My questions are these:
1). If it turns out that I don't owe any 2020 US tax, how do I continue to carry over the credits for future use? Do I need to attach anything to my 2020 return, or will the carryover somehow be automatic until I decide to claim it within the 10-year carryover period?
2). If, on the other hand, I end up owing some tax for 2020, how do I actually go about claiming the credit?
I'd appreciate some advice. Thanks!
