Foreign Tax Credit (FTC) Carryover (FTCC)

[edeileenr]

Second Try On This One....  in 2020, I had more FTC than what was allowed; so I had excess FTC that could be carried over into 2021. I had foreign income again this year and have completed my  1116 for 2021.  I entered the 2020 FTCC in the 2021 1116.  But my 2021 tax return does not reflect that FTCC. What am I missing?

[rogge1722 · Accepted solution]

Bring up form 1116.

Line 9 displays the foreign tax paid for the current year.

Line 10 displays the carryover amount.

Line 14 displays the total foreign tax available for credit.

Line 35 displays the foreign tax credit. If it is less than line 14, the difference is carried over to TY2022.

[edeileenr]

THANK YOU!  I really appreciate it. I don't see how to say "best answer"

[edeileenr]

Heh. Yes I do.. I marked it "best answer"