question on foreign tax credit carry over

[RK0501]

Am seeing AMT foreign tax credit carryovers on form 1116, but zero foreign tax credit carryover to 2023.

Does this mean i have no  foreign tax credit carryovers to next year ?

However on Schedule B of form 1116 i see a foreign tax credit carryover to 2023.

Am a bit  confused. What does this mean Can someone help clarify ?

[Mike9241 · Accepted solution]

look at your 2022 form 1116 line 14 which includes any prior carryovers if Turbotax didn't mess up on c/o 

line 23 is the amount used. 

note the following. FTC can be carried over 10 years. Current year FTC is used before carryovers so it's not uncommon for c/o to expire.  because of the way FTC is computed for regular tax and AMT tax it's possible to have an AMT c/o but no regular tax c/o

[RK0501]

Thanks ! 

Am filing for my now deceased parent who sold a house overseas in 2022. He had no other income save the capital gains on the house sale. Taxes were paid @ 24 % of taxable income in the foreign country and i was under the assumption that would cover Federal taxes and NIIT taxes. To my surprise almost 50% of the foreign tax paid ended up as Foreign Tax Credit, requiring me to pay a sizable amount of tax (about 30K) in 2022. About 50% of the foreign tax was carried over to 2023 as credit.

Can i file taxes on his behalf for a small left interest amount in 2023 and use the FTC carried over to 2023 (from 2022), to get a refund of the 30K tax amount i had to pay in 2022 ?

many thanks !