I have foreign taxes paid on foreign dividends & have entered the info on the dividend input dialogue. Foreign credit not showing on return. How can I correct this?

[doug54]

I have $549 tax  BTW my carryforwards from previous years are also not being brought forward.  Does this have something to do with the Fed forms being used by Turbo tax?

[LinaJ2020]

You will also need to go through the foreign tax credit section to make the entry shown on your Form 1040. 

Here are the steps: 

• Open up your TurboTax account and select Pick up where you left off
• At the right upper corner, in the search box, type in "foreign tax credit" and Enter
• Select Jump to foreign tax credit
• Follow prompts 
• Make sure to read the interview questions before you mark your selections.  You will be prompt to enter the carryforward amount on one of the screens as well.  

You should see the credit on line 31 of  your Form 1040, carried over from Schedule 3. 

If you have paid taxes to both foreign and the US tax authorities, the IRS allows you to claim a foreign tax credit Form 1116.  To learn more, click here: Foreign tax credit

If you can't claim a credit for the full amount of qualified foreign income taxes you paid or accrued in the year, you're allowed a carryback and/or carryover of the unused foreign income tax, except that no carryback or carryover is allowed for foreign tax on income included under section 951A. You can carry back for one year and then carry forward for 10 years the unused foreign tax. To read more, click here:

https://www.irs.gov/taxtopics/tc856