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Screen 1118CO - Foreign Tax Credit Carryover (1120)
Overview
Use this screen to enter information necessary to complete Form 1118, Schedule K. If you are filing a consolidated return, designate one member as the recording member for all carryovers related to the foreign tax credits. Complete this screen only in the designated member's return using the consolidated totals.
Carryover of Foreign Taxes - Regular
Enter information to calculate the foreign tax credit carryover for regular tax purposes. Enter this information only once per income category.
Total Foreign Taxes
Enter the sum of total foreign taxes paid or accrued and deemed paid, less the reduction of taxes paid, accrued or deemed paid for each applicable year.
Foreign tax credit carryback to current year
Enter the amount of excess foreign tax credit that you are carrying back for regular tax purposes. This amount is included with the Sum of carryover of foreign taxes line on Form 1118, Page 2, Part II.