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Foreign Tax Credit Carryovers

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

Foreign Tax Credit Carryovers
Enter any foreign tax credit carryovers from a prior year.
 
Year Foreign Taxes Amount Used
2013 
 
2014  
2015  
2016  
2017  
2018  
2019  
2020  
2021  
2022  
 
 

 

 

 

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6 Replies

Foreign Tax Credit Carryovers

I'll page @dmertz. Please check back here later.

Foreign Tax Credit Carryovers

I'm actually using TurboTax Premium online.   TIA

Foreign Tax Credit Carryovers

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.

 

 

pk
Level 15
Level 15

Foreign Tax Credit Carryovers

@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) ?

Foreign Tax Credit Carryovers

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

Foreign Tax Credit Carryovers

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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