Screen CO-FTC - Foreign Tax Credit Carryovers (1041)

Form 1116 - Income Information

Category of income
If you want the return to include the carryover, foreign income you enter on the 1116 Screen in the category of income must exist in the current year.

Alternative Minimum Tax

Foreign Taxes Paid / Accrued
The supporting statement for Form 1116, line 10 may use amounts you enter in this field. The amounts you enter also display in the first column of the Foreign Tax Credit Carryover Worksheet for the applicable foreign income category.
Maximum Credit Allowable
The supporting statement for Form 1116, line 10 may use amounts you enter in this field. The amounts you enter also display in the first column of the Foreign Tax Credit Carryover Worksheet for the applicable foreign income category.
Unused Tax (+) or Excess Limit (-)
The unused foreign tax in each category is the amount of foreign taxes paid less the limit for that category. The excess limit in each category is the amount by which the limit is greater than the qualified taxes paid for that category. Refer to the Form 1116 instructions and the IRS Publication 514 for additional details.
Do not apply unused foreign tax
If you leave this field blank, the unused foreign tax in the current year automatically applies to the prior year up to the amount of the excess limit (-) in that year. The applied amount displays in the fourth column of the Foreign Tax Credit Carryover Worksheet.
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