I have two 1116 - general and passive. It's the same situation every year. However this time TT is not loading the previous year carryovers into the 1116 forms - all carryover is showing empty. I tried deleting all the forms and re-creating but its same story. Not allowed to start over again after already paying as well. Any help to force turbotax to load the carryovers from previous years returns.
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I'll page Champ @pk for you, who is very knowledgeable with respect to the foreign tax credit. Please check back here later.
@mistacrabs206 while I am not familiar with the screens of the on-line version ( I use Windows Home & Business for its completeness ), at least in my case one has to start with importing / transferring the data from the prior year ( if you saved your file -- in windows it prompts you to save the file ).
From your description it sound like :
(1) TurboTax is not recognizing the federal worksheet from the prior year ( this where all the carry back info is stored, if any ) -- there is a federal info and federal carryover worksheet. Since you have already paid for the return ( for the online version ), please go to forms mode and from the left pane choose the " Carry-Over Worksheet" under federal tab. This should any carry-over created in 2022.
(2) it may be helpful to known the exact facts and circumstances --- i.e. the entries on form 1116 -- are you using up all the credit from the current year . I ask because as you know the Foreign tax credit available for the year is the lesser of what you have paid to foreign entity and the ratiometric allocated tax on the double taxed income --- thus it is the lower of what US is levying and what was paid.
I recognize that my answer is kind of generic but as I said I need more info understand *( with details of the situation ) what the TurboTax is doing ( even with the limitation of my ignorance about the actual screens in the on-line version ). Need to know the country / ies involved and the types of foreign income --- general is remainder from unexcluded income or from HTKO -- etc. etc.
I will await your answer (s)
pk
Thanks for your answer @pk
1 - Unfortunately, Online Premium does not include support for Forms mode. That would be perfect solution, then in worst case I can just copy the values across from 2022 return.
2 - In my case, I have never used the carryover and it has no impact on the return. I just would like to keep it in case it's needed in future years. I use FTC in conjunction with FEIE for general income and FTC only for passive income. This is all India based income and same story for previous 5+ years.
Every year TT has no issue to automatically populate the carryover, first time I'm facing this. Not sure what went wrong. And didn't notice until after the payment :(
thanks again!!
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