I moved in US in 2018, and for year 2018 tax was filed by a CPA. In tax year 2018, there is some unsed foreign income tax credit to be carried over. But in 2019 as I have no foreign income, so it seems the unused foreign tax credit from year 2018 could not be carried over in tax year 2019 directly, so my questions:
1: I can only use my unused foreign tax credit from year 2018 by carry back option, instead of carry over to year 2019?
2: If the only option is carry back, in tax year 2018, I have used up the foreign income credit up limit and left some unused credit, how can I carry back the credit to tax year 2018? or even 2017? But I have no tax record in 2017 or prior to 2017.
3: After item 1 and 2 are cleared, where shall I enter the unsed credit in turbo tax, more detail is appreciated.
I am new to turbo tax, I really do not know how to proceed with the unused foreign income tax credit in 2018. I really appreciate for any useful info and directions. Many thanks for your kind help!
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if the FTC was of the passive category and $300 or less, no 1116 needed to be filed. but by not filing the form any carryover is lost. an 1116 must have been filed for other categories. if an 1116 was filed you can carry it forward 10 years or back one. again if an 1116 was filed in 2018 you must file one in 2019 even though no foreign income so it can be carried forward. failure to file the form results in the carry over being lost
if carried back to 2017 any unused becomes carry forward to 2019
were you a US citizen in 2017?
Thanks HACKITOFF.
In 2017, I am not US resident. The foreign income tax credit is from the general income tax, over $1000 credit unused. The problem is I tried to enter carry over foreign tax credit in turbo tax, but because i have no foreign income in 2019, it seems i can only get 0 foreign tax credit, that is why I am asking if the only option is carry back and how can I do? Carry back to 2018? But the limit are used up in 2018. Please help to advise. Many thanks!
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