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This is the 3rd year of using Turbotax, why are my foreign tax credits not autoloading?
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This is the 3rd year of using Turbotax, why are my foreign tax credits not autoloading?
It depends. If you claimed them on your return in years' past, they would not be carried over.
In general, for investment related foreign tax credits reporting:
First, report it on the form as received. See this article for specifics: Where do I enter Form 1099-DIV?
Second, utilize the Jump to link described here: Where do I enter the foreign tax credit (Form 1116) or deduction for 2019?
It may be worth checking if there was a duplicate account inadvertently created. How many TurboTax accounts do I have?
Additional Resources for more details:
Filing IRS Form 1116 to claim the Foreign Tax Credit
Tax Topic 856 See "Claiming without filing Form 1116"
Foreign Tax Credit Compliance Tips
2019 IRS Publication 514 Foreign Tax Credit for Individuals
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This is the 3rd year of using Turbotax, why are my foreign tax credits not autoloading?
I experienced the same issue last year and ignored it, but the same thing is happening this year. My foreign credits don't autoload.
Another question if have is can my foreign tax credit ($14,562) be used to offset US income?
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This is the 3rd year of using Turbotax, why are my foreign tax credits not autoloading?
Foreign tax credits are non-refundable credits used to reduce tax liability generated from taxable income. This gradually reduces your tax liability to zero. If your tax liability is less than your foreign tax credit, then the used credit will be a carry over into future years until the credit is exhausted.
I have prepared taxes for individuals that were never able to fully utilize the full amounts of their foreign tax credit.
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