Foreign Tax Credit Carryovers Interview Screen

[majmetro]

The instructions say "Enter any foreign tax credit carryovers from prior year."

There are blocks for "Foreign Taxes" and "Amount Used".

Do I enter my foreign taxes paid in the "Foreign Taxes" and the allowed foreign tax credit (per year) in the "Amount Used" or is there some other calculation I should be using?

Thanks

[DaveF1006]

No, you would enter the foreign taxes paid and amount of the credit for as long as a foreign tax credit was carryforward. No other calculation is needed and you should have a Foreign Carryover listed from previous years on a 1116 Comp Wks.  If you filed with Turbo Tax last year, you should see that on this year's   1116 Comp Wks. in your list of forms.

[majmetro]

DaveF1006,

I had to read your reply a few times for it to sink in.

I've been using TurboTax for over a decade.  So I was going back over my previous returns to see if the calculations were making sense (I've had foreign tax credits for each of the past 10 years).

I'm not always confident that TurboTax correctly populates previous years info.  So, I was just trying to verify the new numbers.  (I swear they keep changing the form formats too...)

Sorry to vent.  Thanks for the reply.