How do enter Foreign Tax Credit Carryovers

[tuxedorose]

i find this incredibly confusing. I am a US resident with simple investments in efts and mutual funds but now have to struggle with foreign taxes paid showing on my 1099-s.

at one point in the dialogue , i get to a point where TT shows me a matrix of years  and columns for *foreign taxes* and *amount used*  and it is asking me to fill in this matrix.

Q1. Do i enter the amounts ONLY for each specific year and thus TT will track the CUMULATIVE  amount of carry over ?

Q2. i have used TT for many years in a row. why doesnt it automatically populate these fields, it should know the numbers from the worksheets that it created in the past. 

Q3.  am i allowed, year by year , to chose tax credit method  or deduction method for that years 'amount used'? but if alternate methods year by year, will  all the calculations for carry fwds and accumulation will be the same , regardless if i did credit or deduction

Q4. why is it not. a simple carry fwd of a single amount (similar to cap gain carry fwd loss).  im confused by carry fwd amts for each year and how they accumulate

THanks!

[pk]

@tuxedorose , @Anonymous_ , seeing this question is still open --- do you need help on this  or you are done with this  ?

If you do need help , please respond  and I will circle back.

[tuxedorose]

hi @pk , i dont think my question ever got answered?  I see a reply from anonymous but there is no content to the reply 

[pk]

@tuxedorose , assuming that  you are still looking for an answer  to your predicament,  and that you are talking about tax year 2024 ---

(a) I agree that if you have been using TurboTax  windows downloaded version -- it should have had all the details  to populate the  federal  carry over worksheet.  

(b) Since I do have  Windows  Home & Business, I can try the scenario and see why it is not performing as expected.   

(c) Could you give me some dummy figures   say for   1. 2022 -- carry  amount of FTC   ( by type  ---  general ,  passive etc. ); 2.  ditto for 2023 ;  3.  ditto for 2024.    This will allow  a good simulation of your case.    Also  your  dummy / order of magnitude  world  and foreign incomes ., please.

( d)  in the meantime I will  try my own figures and see what Turbo is doing ( or thinks it  is doing )

Look forward to hearing from you 

pk