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.
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.
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.