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posted Feb 27, 2023 8:13:08 AM

Form 1116 prior year Foreign Tax Credit Carryover import failed

When I imported my *.tax2021 tax return, the Foreign Tax Credit Carryover values where not imported. Thus, I had to manually enter those values in 1116 Comp Wks. Because I had other income over and above the dividend income that created the foreign tax my Carryover was wiped out in 2021 (ending value $0).

TT doesn't allow me to enter a larger amount than the actual tax in column Utilized (2021 tax $737, actual credit taken was $19198). If I could enter $19,198 w/o TT creating an error all would be correct and well. As of now TT shows a Carryover to 2022 of $18461 instead of the actual $0.

 

How do I fix this?

 

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Mar 4, 2023 9:56:39 AM

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