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How do I enter carryover foreign tax credit in Deluxe?

Using desktop deluxe.  Where can I enter in my carryover foriegn tax credit from last year?  When I try to go through the "foreign tax" topic, it forces me to select a 1099, which I have from my broker for some dividends, which has nothing to do with this tax credit which was on business income last year.

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2 Replies
KarenJ2
Expert Alumni

How do I enter carryover foreign tax credit in Deluxe?

The foreign tax section starts with the foreign tax on dividend, interest etc.  After the dividend screens it asks about the Simplified Limitation Election.

 

The next screen is Completing Forms 1116, Click Continue

The next screen is the Foreign Tax Credit Worksheet.

Click continue through the screens and you will finally get to the Foreign Tax Credit Carryovers screen.

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How do I enter carryover foreign tax credit in Deluxe?

I can't get to that section.

 

I have:

Foreign Taxes: continue

Deduction or credit: Take a credit

Reporting foreign taxes paid: continue

Where did you receive dividend income from:

I don't have dividend income and it won't let me past that.

Ah, never mind.  I just read "The foreign tax credit can only reduce U.S. taxes on foreign source income; it cannot reduce U.S. taxes on U.S. source income." and I don't have any foreign source income this year.

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