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If in 2018 foreign taxes paid (Form 1116, Line 14) and foreign tax credits used were equal, will I be able to carryback excess foreign tax credits from 2019 to 2018?

In 2018, there was foreign income of the same category and Form 1116 was filed.
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1 Reply
DianeC958
Expert Alumni

If in 2018 foreign taxes paid (Form 1116, Line 14) and foreign tax credits used were equal, will I be able to carryback excess foreign tax credits from 2019 to 2018?

Yes, you can carryback the amount of unused Foreign Tax Credit to 2018.  If that does not use all of the credit, you can then carry the rest of the credit forward for 10 years.

 

Foreign Tax Credit

 

You will need to amend your 2018 tax return to carryback the credit.

 

How to Amend Your Prior Years Tax Return Using TurboTax

 

Once you have made the changes to your return, you will need to print, sign, date and mail your amended return according to the instructions that print out with the return.

 

Amended returns cannot be efiled.

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