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young901
New Member

My 2023 tax return shows $2555 Foreign Tax Paid Carryover. How should I report it on my 2024 return?

 
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1 Reply
DaveF1006
Expert Alumni

My 2023 tax return shows $2555 Foreign Tax Paid Carryover. How should I report it on my 2024 return?

The $2,555 Foreign Tax Paid Carryover from your 2023 tax return can be applied to your 2024 return to offset U.S. taxes on foreign income. If you have no foreign income to offset this year, the carryover will be carried forward for ten years to be applied to offset future foreign income. To report as if you didn't have income this year.

 

  1. Go to Federal
  2. Deductions and credits 
  3. Estimate and other taxes paid 
  4. Foreign Tax Credit>start or revisit
  5. Answer yes to this question if you have foreign tax to report or if you have credits to report from a prior year.
  6. Answer yes to the next question asking if you reported your income.
  7. Continue until it asks if you wish to take the deduction or credit. ‌Say you wish to take ‌credit.
  8. Say yes to the question, asking if there is no other income or expenses.
  9. Continue through the screens until it asks if you have carryovers or carrybacks. Here is where you report your 2023 carryover amount. This is what the screen looks like.

 

 

 

 

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