This is giving me a headache. I have been doing ROTH conversions since 2022, so my income/taxes due are quite high.
In 2021 my foreign taxes paid on (general category) foreign income was $1712 of which I was able to use $955 as a foreign tax credit. My 2021 c/o was $757. Done by CPA.
In 2022, (starting ROTH conversions) my foreign taxes paid on (general category) foreign income was $1713 of which I was able to use $2192 as a foreign tax credit. My 2022 c/o was $278. Done by CPA.
In 2023, (continuing ROTH conversions) my foreign taxes paid on (general category) foreign income was $1749. I am now using the online version of TurboTax Deluxe.
On the TurboTax Deluxe online page called [Foreign Tax Credit Carryovers] what do I enter in columns one and two of 2021 and 2022?
(depending on what I enter, I either get a foreign tax credit that's hundreds of dollars above what I paid and carryovered, or an amount that exactly covers all my credits and carryovers to date--$0 balance-- but generates an error message) : TIA
Enter any foreign tax credit carryovers from a prior year. | ||||||||
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I'll page @dmertz. Please check back here later.
I'm actually using TurboTax Premium online. TIA
the short way enter $278 from 2021 nothing for 2022
the long way enter gross FTC c/o from 2021 as 757 enter utilized as 479
under FTC rules current year is used before c/o's since your 2022 FTC utilized exceeded the 2022 FTC that arose you can leave that line blank or enter 1713 generated 1713 utilized.
@Wallace_n_Gromit I am not familiar with the on-line version of the product and so only can talk about what I would expect in the windows version.
With that being said , do you still need help ? or have you resolved the issue(s) ?
I believe that I have finally resolved the issue. Got the Foreign Tax Credit I expected to see without an error message.
Thanks for response
what I have done is entered:
FTC U [Carryover not showing on website]
2021 1712 1434 278
2022 1713 1713
Basically what you said to do. This worked out for me correctly without generating an error message.
Thanks for your help.
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