2009073
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Foreign Tax Credit not working?

I have received a credit in the past for paying taxes to foreign countries.    I entered the information and no credit was applied.     What am I doing wrong?   

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

Foreign Tax Credit not working?

Since the tax is zero, the credit cannot be used but it can be carried over.  If you have been thru the foreign tax credit interview, then to assure the unused amount is carried over,  open the Federal Information Worksheet .  Scroll down to Part 6. The fifth paragraph is labeled  “Foreign Tax Credit (Form 1116).  Checkmark the box to file form 1116.

 

 Then bring up the foreign tax credit comp. worksheet. Scroll down to the bottom to the carryover section and you should see the credit carried over to 2021.

View solution in original post

4 Replies

Foreign Tax Credit not working?

Is Form 1040 line 16 greater than zero?

Foreign Tax Credit not working?

No

Foreign Tax Credit not working?

Since the tax is zero, the credit cannot be used but it can be carried over.  If you have been thru the foreign tax credit interview, then to assure the unused amount is carried over,  open the Federal Information Worksheet .  Scroll down to Part 6. The fifth paragraph is labeled  “Foreign Tax Credit (Form 1116).  Checkmark the box to file form 1116.

 

 Then bring up the foreign tax credit comp. worksheet. Scroll down to the bottom to the carryover section and you should see the credit carried over to 2021.

Foreign Tax Credit not working?

Thank you!!

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question