foreign tax credit

[k04040]

I had one year where I had a lot of foreign taxes and had to file form 1116 which calculated that I couldn't use all the credit and started carrying forward. Each year since then it uses form 1116 even though the foreign taxes paid has always been under $300 and Turbo Tax always calculates that I can't use the whole amount for the year so my carryforward gets larger and larger. If I believe I won't ever recover the carryforward amounts and will only have foreign tax much less than $300 a year (so I meet the criteria for not filing 1116), is there a way to just take the full credit each year without filing form 1116.

[rogge1722]

To use the exemption instead of the carryovers, go to the print center, bring up the f1116 comp. worksheet and save a copy.  Then delete the f1116 comp.  worksheet.  TT will then utilize the exemption and it will end up on line 20 of form 1040.  Of course, in future if you want to use the carryovers, it will be necessary to type them into the screen asking for them during the interview.

[k04040]

I'll do what you say but I need to clarify two things

1) when I go to the print center I can only get a pdf for three things, i.e.,  form 1116, something called a smart worksheet which only shows one number (the calculated gross income from all sources) and last the explanation statement showing the carryforwards by year.  There is no option that I see that will pull up the 1116 comp. worksheet from the print center so how do I save a copy of it:

2) I can access the 1116 comp worksheet from the forms section where I see there is a delete form button but I don't see a way to save it from there. Is that the form and is that where you want me to delete it (i.e., in the forms section, not the print center. 

[rogge1722 · Accepted solution]

In FORMS mode, bring the f1116 worksheet  up on the screen.  At the top click on “print center”.  Another box titled “form selection” appears.  The button for the f1116 worksheet should be filled in.  At the bottom select the preview button to bring it up on the screen.  You can then save it the same as any document.

After it is saved, then close both screens and you are back to the f1116 worksheet.  Now you can delete the form safely.

[k04040]

works perfectly... thanks