I read about unused foreign tax credit being carried over for 10 years. I filled Form 1116, what else do I fill out or how do I access the additional from in Turbotax online basic version to ensure the unused foreign tax credit is being carried over. I came across forums where you could see the carried over amounts in desktop version.
Thank you.
I see this option to only carry it back on the Excess Foreign Tax Credit screen.
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you can carry your excess credit back one year (voluntary) or forward up to 10 years. After 10 years, the credit carryover will expire and cannot be used.
if you don't carryback, carryforward is automatic. there is no form or election.
when you roll 2023 to 2024 Turbotax will automatically pick up the unused amount and should ask if about carryover
Please check back later. I will page Champ @pk.
@confusedabd do you still need help on this ? I thought I had answered all your questions earlier and you had Foreign Govt. pension and there was no pension of foreign Tax credit carry over --- once cannot have carry over from excluded income.
Please elucidate --yes ?
pk
I do have interest income in addition to the government pension income, and I did pay tax in India on that interest income, hence why I get the message from Turbo tax that's there's additional foreign tax credit. Hence, want to understand if I need to do anything additional to carryover these foreign tax credits to future years.
you can carry your excess credit back one year (voluntary) or forward up to 10 years. After 10 years, the credit carryover will expire and cannot be used.
if you don't carryback, carryforward is automatic. there is no form or election.
when you roll 2023 to 2024 Turbotax will automatically pick up the unused amount and should ask if about carryover
thank you
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