In the Foreign Tax Credit Carryovers sheet, what does the Amount Disallowed column mean? Is this the Foreign Tax "Limit" or the Available to Carry Over Amount?
In reference to a past return "Statement 2 - Form 1116, Line 10 - Carryback or Carryover"
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1 Replies
rogge1722
Level 9
May 22, 2020 2:29:14 AM
From TT's guidance:
In the Disallowed column, enter any amounts included in the "Foreign Taxes" column that were disallowed due to reductions in foreign taxes and/or reduction of the credit due to international boycott operations.