I am working on my tax return. I am trying to work on foreign income credit carry over. Turbo Tax did not update the 1066 Schedule B with the numbers from last year. How do I proceed? If I have leftovers from last year to carry over, how do Iadd them? This year's TurboTax gives me a 1166 Comp Wks, instead of 1166 Schedule B. It gives me 4 columns for each prior year (a) Foreign Taxes, (b) Adjustments, (c) Utilized, (d) Carryover. Last year's 1166 Schedule B has 5 years worth of carry overs, last year and 4 previous ones. How do I proceed? What is the max carryover I can claim? Do I adjust until I am satisfied with the amount shown on my Fed return? Thank you.
Choose the Foreign Taxes option under Estimates and Other Taxes Paid, in the Deductions and Credits section of TurboTax. Work through that section until you come to a screen that asks if you had foreign tax credit carryovers from a previous year, to which you will answer "yes"
On the next screen you can enter your foreign tax credit carryover by year. You enter your foreign taxes in the first column and the amount of the credit you took for that year in the second column: