Foreign tax credit carryback -- how do I enter this in TurboTax? (It only asks about carryovers)

[notsurewhattoputhere]

For 2018, I filled out form 1116 and the worksheet limit for my foreign tax credit was well below the credit I could claim. For 2019, I filled out form 1116 and had a few hundred dollars in foreign tax credit that I couldn't use because it was over the calculated worksheet limit. I've read I can amend my 2018 return to do a carryback to 2018 (and I'll still be under my 2018 worksheet limit).

Can this be done in TurboTax online by amending my 2018 return? If so, how do I enter it?

While amending my 2018 return in TurboTax Online, I only saw a place to enter carryovers from 2017 and earlier (not a carryback from 2019) when I went through the foreign tax credit section of TurboTax.

[LinaJ2020 · Accepted solution]

No, you cannot amend your 2018 tax return by using the TurboTax online edition.  It has to be done on the desktop.  You can amend the 2019 taxes online, but not the past years' taxes.

If you have filed with TurboTax, to amend 2018 tax return, see instructions here: Amend

To see further details on how to amend, select the "Learn More" feature on the "Excess Foreign Tax Credit" screen.  Here are the steps:

In TurboTax online,

• 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 
• On-screen Excess Foreign Tax Credit, select Learn More.
• See the images below

[notsurewhattoputhere]

I should have clarified that I used TurboTax online for my 2018 return as well. I think the "Amending a Prior Year Return for a Carryback" section is what I was looking for. Side note: the link within that article is broken 😕

Thanks!

[notsurewhattoputhere]

I should also note that those instructions don't actually work since it doesn't appear to be possible to add a country named "Carryback" in the foreign tax credit interview. I saw another answer on here suggesting using whiteout, but I think at this point, I'm just going to amend my return myself and not bother with TurboTax since it doesn't appear to actually support this scenario.

[SharmaKarampal9]

@notsurewhattoputhere @LinaJ2020  Hey hi guys, I am dealing with the exactly same situation, I have a Foreign Tax Credit 'carryback' of $3500 from year 2022 which I am trying to claim by amending the tax return for year 2021 online via Turbo Tax.

However, I am having a hard time to find a section to enter this claim means I am unable to find a navigation to do so in the Turbotax online portal.

I really need help with this ASAP, it would be great if anyone of you can guide me over a quick call. Please reach out via [phone number removed]

Any support or guidance will be supremely appreciated.
Er. Karam

[DaveF1006]

Once you have opened up your 2021 return in the amendment process, do the following. 

1. Click on Federal Taxes > Deductions & Credits [In TT Home & Biz:  Personal > Deductions & Credits > I'll choose what I work on].
2. Scroll down to the Estimates and Other Taxes Paid section.
3. Click on the box next to Foreign Taxes.
4. On the Foreign Tax Credit screen, click on the Yes box.
5. Continue through the interview, entering the requested information.
6. You will come to the Carryovers screen.  Click the Yes box.
7. Enter your carryover amounts on the next screen -- Foreign Tax Credit Carryovers. 

Once there, you can use the carryover screen to report as a carryback. When it is complete, the amount it will populate on the 1040X.

@SharmaKarampal9 

[diytax3000]

Hi @DaveF1006 ,

I was looking for the "carry overs" screen in Deluxe 2023 and couldn't find it.  
I suppose it doesn't exist and need to pay more for Premier ?

[DaveF1006]

No. You should be able to access this in Deluxe.  Here are the steps to get to your carryover screen.

1. Go to federal>deductions and credits>estimate and other taxes paid
2. Foreign taxes >start
3.  Continue through the screens until it asks if you are taking credit or deduction. Say you are taking a credit.
4. Continue until it asks No Other Income or Expenses here you will say no
5. When it asks, for income type, make any selection.
6. Press continue until you reach a screen that says country summary, press done. 
7. Press continue all the way through and you will reach the carryover screen
8. If the screen is blank, you may need to access your prior-year's carryover schedules to record the missing information.