I paid $600 in foreign taxes in 2020. TurboTax entered it on my 2020 1040 line 6 "Other taxes. List type and amount" as "Foreign Taxes Int Div". I did not fill out a foreign tax credit form 1116 for 2020.
I'm currently doing my 2023 taxes on TurboTax and I'm on the screen asking about Foreign Tax Credit Carryovers. Can I enter the $600 Foreign Taxes for 2020? Thank you.
line 6 of Schedule A?
you took a deduction in 2020 rather than a credit. to fix this you would need to amend 2020.
for 2020 if it's $600 or less than in most situations you can take it as a credit without filing form 1116
however, form 1116 would be required if your tax was low enough to produce a FTC carryover. then you may need to amend subsequent years to utilize the carryforward. This is not required if you are willing to forfeit any carryover
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