Foreign Tax credit carryover

[Marie75]

During the interview, I completed the information on prior year Foreign Tax credit  and AMT carryover with the following amounts.

Regular Tax Foreign Taxes:  30 and used 28  (which left a carryover of 2)

AMT Foreign Taxes:  30 and used 19 (which left a carryover of 11)

However, the carryover statement shows:

Regular Tax Foreign taxes:  30 and used 16, leaving a carryover of 14, which has pulled through to Form 1116

AMT Foreign Taxes:  30 and used 11, leaving a carryover of 19.   

I have no idea where the 16 would have come from for Regular Tax Foreign Tax utilization.  How can I get it to correctly show carryover of 2 instead of 14 on Form 1116?

The AMT Foreign Tax seems to have the numbers flipped.  

Why do the final forms not reflect the numbers that were entered during the interview?

[Marie75]

I have found where the 16 came from.  I started my taxes in Turbo Tax last year and even with the "Live" help, I could not get some confusing questions answered so I ended up taking my taxes to a CPA to complete.  I pulled up the 2018 file out of Turbo Tax (again, it was never filed through Turbo Tax), and I see that it had calculated the Foreign Tax Utilization as 16, leaving 14 as a carryover.  However, the taxes that were actually file used a Foreign Tax Utilization of 28, leaving a carryover of 2.  So, the question is how can I get the Form 1116 (that will be submitted with my 2019 taxes) and the supporting Foreign Tax Credit Carryover Statement to actually use the numbers that I entered as I was going through the 2019 interview section, and not use the numbers that apparently are pulling from the erroneous 2018 Turbo Tax file?  

[JohnB5677]

There are two things I'd like you to look at. 

• There is a heading "Tell Us About Your Foreign Taxes:.  The second box says " You have no carryover, or you agree not to use them.  Be sure the None of these apply is checked.
• If you go through most of the questions you will come to Foreign Tax Credit Carryover.  Please be sure that this is up to date and accurate.

[Marie75]

What sub-section does the question you mentioned appear under?  I went through the entire Foreign Tax Credit section and did not see a screen that said this.

Thanks.

[Marie75]

By my most recent post, I meant what sub-section does the heading in your first bullet point appear.  I did not find it.

I had verified that the numbers on the Foreign Tax Credit Carryover were correct, but that is not what appears on Form 1116.

[JohnB5677]

Sorry, I thought you had already been in that area.  You can start with:

1. Deductions & Credits
2. Scroll down to Estimates and other taxes Paid
3. Select Foreign Taxes
4. Yes, you did pay Foreign Taxes
5. Yes, You've already reported all of your Foreign Income
6. Continue
7. This was my first bullet: Tell Us About Your Foreign Taxes.  You should reply that none of these apply.
8. Continue
9. Take a Credit
10. Continue
11. Yes, No other Income or Expenses
12. Taxes were paid 12/31/2019
13. Yes, there were carryovers
14. Post appropriate Carryovers by year

That's it.

[Marie75]

I'm sorry, and I do appreciate your patience as we try to work through this.  I am using the Premier version.  The screens I am getting do not follow what you have listed.  I am seeing:

Estimates and Other Taxes Paid

Foreign Tax Credit

Foreign Tax Credit - only option was Continue

Foreign Taxes - only option was Continue

Do you want the Deduction or Credit - I selected "Take a Credit"

Reporting Foreign Taxes Paid - only option was Continue

Reporting Foreign Taxes Paid  (to a country) - I had completed entering all my current year information.  Then selected "No that I didn't want to review my entries again".

Simplified Limitation Election for AMT - I selected "Yes"

No Other Income or Expenses - I selected "Yes"

Foreign Taxes Paid - USA and paid 12/31/19.   Then Continue

Foreign Tax Credit Carryovers - this is where I had entered my correct information for 2018 of Foreign Taxes of  30 and Utilization of 28.

So, as I went through this section, I never got a screen that said Tell Us About Your Foreign Taxes.

[JohnB5677]

I was working on the Desktop version.  You may have the Online version.  At any rate it does sound like you made it through to the end.  Are you now confident that your return is as it should be?

[Marie75]

No, I never got to a screen that you referenced in your first bullet.  (Copied just below).

    "There is a heading "Tell Us About Your Foreign Taxes:.  The second box says " You have no carryover, or you        agree not to use them.  Be sure the None of these apply is checked."

So the final file still shows the incorrect carryover amounts as listed in my original post, even though I did manually enter correctly in the Carryover screens during the interview.  Since I maxed out my foreign tax credit for this year based on this year's calculation, the erroneous carryover information didn't impact my tax liability.  I an going to go ahead and submit, and just make notations on my copy so I know what the numbers should have been.

I am just hoping when I go to do next year's taxes that I'm able to enter correct carryover numbers.