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Screen 1116CO - Foreign Tax Credit, Carryover (1040)

Form 1116 - Regular Carryover Information

Use this section to complete Parts III and IV of the regular Form 1116, the supporting statement for Form 1116, line 10, the Form 1116 Schedule B, and the Foreign Tax Credit Carryover Worksheet. The fields on this screen will be inactive if you do not enter data on the 1116 screen.
Part IV, Summary of Credits From Separate Parts III, completes on the first printed unit of Form 1116 when you print the return.
Unused Foreign Tax amounts should be net of that year’s foreign taxes that were carried back or carried forward to another year. Therefore, the amounts in these fields will not always be the difference between the
Foreign Taxes Paid/Accrued
 and the
Maximum Credit Allowable Under Limit
 fields. See IRS Publication 514 for additional details.
When preparing an amended return, enter any foreign tax credit carryback to the current year in this field. It will be used in the supporting statement for Form 1116, line 10 regardless of whether or not Form 1040X is being printed.
If you have unused foreign tax (+) in the current year, this amount applies automatically to the prior year up to the amount of the excess limit (-) in that year, unless you enter
X
 in this field. The amount applied displays in the fourth column of the Foreign Tax Credit Carryover Worksheet.

Form 1116 - AMT Carryover Information (If Different)

Amounts in this section are used to calculate Parts III and IV of the AMT Form 1116; the supporting statement for AMT Form 1116, line 10; the AMT Form 1116 Schedule B, and the AMT Foreign Tax Credit Carryover Worksheet. Refer to the Form 1116 Regular Carryover Information section for more information.
If you have unused AMT foreign tax (+) in the current year, this amount applies automatically to the prior year up to the amount of the excess limit (-) in that year, unless you enter
X
 in this field. Note that this field does not default to the regular treatment above.

HTKO Reporting

Use this section to report requirements to complete the high-tax kickout "HTKO" fields on Form 1116 lines i, 1a, 6, and line 13. Enter the applicable amount as a negative on the passive category income activity and the same amount as a positive on the general category income activity.
This amount prints in a separate column on Form 1116, Page 1, line 1a, and the text "HTKO" prints on line i.
Enter the total amount of all deductions that are definitely related or apportioned to passive income that is treated as general category income because it is high-taxed. This amount prints in the separate HTKO column on Form 1116, Page 1, line 6.
This amount prints on Form 1116, Page 2, line 13, and the text "HTKO" prints in the space to the left of line 13.
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