Foreign Tax Credits

Forum|Forum|4 years ago
April 8, 2022
4 replies
33 views

Not a lot of money, but I'd still like to understand. 2020 foreign taxes were 859 of which only 745 was allowed as a foreign tax credit. So I thought I had a 2020 --> 2021 foreign-tax-credit carryover of 114. I reflected that in my Form 1116 and went through the TurboTax Step by Step and reflected the same:, a 2020 FTC of 114. But it doesn't show up as an addition to my 2021 foreign tax credit. What am I missing please? Thank you!

DaveF1006

Level 15

If you didn't have foreign income to report this year, then you won't be able to use the carryover credit.

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edeileenrAuthor

Level 2

We made 5924.34 of nonqualified foreign dividends and 7572.06 qualified foreign dividends. We paid 1957.54 in foreign taxes. I would have thought that I could carry over $114 in 2020 foreign taxes for a 2020 foreign tax credit carryover.