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Is there a way to enter foreign tax credit carryovers on Form 1116 without waiting for TurboTax to open up that section on Jan 18th? I only have carryovers, no income

 
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2 Replies
DaveF1006
Expert Alumni

Is there a way to enter foreign tax credit carryovers on Form 1116 without waiting for TurboTax to open up that section on Jan 18th? I only have carryovers, no income

If you have foreign tax carryovers but no foreign income to report, your carryovers will have no effect on your tax return because there is no current foreign income to apply those carryovers to. If you wish to enter these though, you will need to wait until the 18th to enter.

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Is there a way to enter foreign tax credit carryovers on Form 1116 without waiting for TurboTax to open up that section on Jan 18th? I only have carryovers, no income

not entering FTC c/o for 2023 may cause a problem for 2024 because the c/f does show up on the 1116 for 2023.  don't be in a rush. 1/18 is still 11 days before the IRS opens e-filing so if you submit your return now your return will just sit on Turbotax servers until 1/29

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