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I have $ 90,000 foreign tax carryover for the last 12 years. How can I use the credit?

 
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2 Replies
SusanY1
Expert Alumni

I have $ 90,000 foreign tax carryover for the last 12 years. How can I use the credit?

The credit can be used to offset foreign income of the same type (earned, passive, etc.) that is earned in subsequent years.  It can be carried forward, typically, for up to 10 years. 

 

To enter foreign tax carryovers in TurboTax if you did not file using the program in prior years, go to Deductions & Credits, Estimates and Other Taxes paid.  Select Start beside Foreign Taxes Paid and follow the prompts.

 

You will need to answer yes that you have foreign taxes paid to enter in order to get to the screen that allows the entry of your credit. 

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Anonymous
Not applicable

I have $ 90,000 foreign tax carryover for the last 12 years. How can I use the credit?

you can't use the credit unless you have foreign income.  a $90,000 carryover is unusually large and under the law the current year FTC get's  used first so it is quite common for some of the carryover to expire.  

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