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How to enter data from previous Form 1116

My 2024 tax return was prepared by KPMG, and includes data for Form 1116 and all the relevant Alternative Minimum Tax (AMT) impacted by Form 1116.  How do I get TurboTax to query me on past situations like this so that I can make sure the data is carried forward?

 

Do I need to purchase TurboTax 2024 and essentially duplicate the data from my 2024 tax return (if that is possible), and then it can be imported into 2025?

 

I used TurboTax for many years until I needed to live overseas for some time.  I assume I can handle "tough" tax return issues, so long as the software is built to handle them.

 

Thanks for your feedback.

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2 Replies

How to enter data from previous Form 1116

I'm a fellow user (not a tax expert) and don't know specifically what Form 1116 data from prior years you are referring to, but if you are referring to your Foreign Tax Credit Carryover amounts for the last few years (both regular and AMT), when you go through the Foreign Taxes Credit interview, it will ask some preliminary questions about your foreign taxes, including if you want to use FTC carryover amounts from prior years, then a screen will ask if you want to take a deduction or a credit.   When you say you want a credit, it starts preparing Form 1116 in the background.  The next screen or so asks for your FTC credit amounts from the last  (up to)10 years (or fewer, if applicable) and has a table to enter them.   It should be followed by another screen with a similar-looking table asking for the AMT amounts for the (up to) past 10 years (or fewer).  In addition to the interview mode, if you're using desktop software, the 2 tables can also be accessed and direct entries made in Forms Mode by selecting 1116 Comp Wks in the left column list of forms.

 

Aside from FTC Carryover amounts, I'm not sure if you have other 1116 data from prior years you need to enter or not.  In any case, I'm not an expert in Form 1116, but the above is what I know about entering the past few years of FTC Carryover amounts.   If you have other specific data you need to enter from prior years on Form 1116, you'll need to ask a specific question, and hopefully, someone familiar with the foreign tax credit section can further comment.

How to enter data from previous Form 1116

For FTC the only info needed are the carryforward amounts. For FTC the current year amount is used before any c/f. It is not unusual for FTC to expire unused.  You talk about tough tax situations. It is unknown what you mean. There are items that Turbotax does not handle

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