Hi
I have completed entering all my income, deductions and credits for 2023.
When I review Form 1116 to see if all foreign taxes & credits are shown, I do not see any carryover of credits from previous years. I have been using TurboTax for many years and previously these numbers used to be carried over from preceding years.
Is this functionality not yet available? Or do I need to do anything so the amounts are copied from my previous year's return?
Thanks
I have the same issue with Form 1116 schedule B on my foreign tax credit (generated on foreign stock dividends) carryover from previous years. The accumulated credit carried forward (from 2018 to 2022) disappeared on the 2023 Form 1116 schedule. It shows the total amount accumulated, but this total is not added to the 2023 carryforward amount to be carried forward to 2024.
I talked to a TT representative, who looked through my 2023 tax file and she could not find any error, declared eventually that it's beyond her service, and recommended I utilize the paid TT consultation service. She also checked with her tech team and said the software was OK.
Anyone else has the same issue?
Hi ssffnn
I finally got this to work. In step-by-step instructions where you enter foreign tax credit, there were two screens where I entered carryover credits (with and without AMT). After I did that the values showed up on Form 1116.
Hope it works for you.