How do I amend a 2017 tax return for Excess foreign tax credit in 2018 in Turbo Tax? I know that I can carry this forward 10 years but I am interested in carrying back for one year to get immediate refund.
I have an excess foreign tax credit in 2018 was associated to foreign dividends reported as ordinary, qualified Dividends on 1099-DIV. I filed form 1116 but was limited from taking full credit in 2018 federal taxes.
I had dividends from the same foreign company in 2017 but there was no foreign tax withholdings in 2017 since dividends were paid via a scrip dividend program and not subject to foreign tax withholding. As a result, a form 1116 was not filed in 2017 since there was not Foreign Tax Credit recovery in 2017 even though I had foreign sourced income from the same Company as received in 2018.
Question is, how do I amend my 2017 Turbo Tax return to carryback the 2018 unused tax credit one year since there is no 2017 form 1116 to amend even though 2017 included foreign sourced income. Also, in Turbo Tax there is an option to Amend Returns and carryforward unused foreign tax credits 10 years but I see no option to carryback one year.