Foreign Tax Credit Carryforward

[tsunami6425]

In past years starting in 2018 we had Foreign Tax Credit Carryforwards.

Do we carry forward all past years FTC Carryforwards or just the latest year?

Please see attached as it lists FTC taxes paid, the amount utilized, and the carryforward.  Just not sure if the carryforward is cumulative or just from the previous year.

Thanks,

[robtm]

See the 'Carryover to 2022 ' item. This the amount you carry forward and it is cumulative.

[tsunami6425]

Thank you.  I did see the entry 'Carryover to 2022 '.

In Turbotax, when entering the information, it says carryover from "a previous Year".  See attached.  This is what I found confusing as it didn't say from Prior Years.

Can you tell me how many years back can the carryover be?  I.e. back to 2012?  2013?  etc

[MayaD · Accepted solution]

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. You can carry back for one year and then carry forward for 10 years the unused foreign tax. IRS.gov

[tsunami6425]

Thank you.