Foreign Tax Credit Carryover

[user314]

I paid $600 in foreign taxes in 2020.  TurboTax entered it on my 2020 1040 line 6 "Other taxes. List type and amount" as "Foreign Taxes Int Div".  I did not fill out a foreign tax credit form 1116 for 2020.

I'm currently doing my 2023 taxes on TurboTax and I'm on the screen asking about Foreign Tax Credit Carryovers.  Can I enter the $600 Foreign Taxes for 2020?  Thank you.

[Mike9241 · Accepted solution]

line 6 of Schedule A?

you took a deduction in 2020 rather than a credit. to fix this you would need to amend 2020.

for 2020 if it's $600 or less than in most situations you can take it as a credit without filing form 1116 

however, form 1116 would be required if your tax was low enough to produce a FTC carryover. then you may need to amend subsequent years to utilize the carryforward. This is not required if you are willing to forfeit any carryover