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How to get 1116 to load carryovers from previous year

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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3 Replies

How to get 1116 to load carryovers from previous year

I'll page Champ @pk for you, who is very knowledgeable with respect to the foreign tax credit. Please check back here later.

pk
Level 15
Level 15

How to get 1116 to load carryovers from previous year

@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 

How to get 1116 to load carryovers from previous year

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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