2009073
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?
You'll need to sign in or create an account to connect with an expert.
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.
Is Form 1040 line 16 greater than zero?
No
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.
Thank you!!
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
raynicki
Level 3
glenpol
New Member
isaacpulido226
New Member
krumb2186
New Member
cnhowardcell
Returning Member