How do enter Foreign Tax Credit Carryovers
i find this incredibly confusing. I am a US resident with simple investments in efts and mutual funds but now have to struggle with foreign taxes paid showing on my 1099-s.
at one point in the dialogue , i get to a point where TT shows me a matrix of years and columns for *foreign taxes* and *amount used* and it is asking me to fill in this matrix.
Q1. Do i enter the amounts ONLY for each specific year and thus TT will track the CUMULATIVE amount of carry over ?
Q2. i have used TT for many years in a row. why doesnt it automatically populate these fields, it should know the numbers from the worksheets that it created in the past.
Q3. am i allowed, year by year , to chose tax credit method or deduction method for that years 'amount used'? but if alternate methods year by year, will all the calculations for carry fwds and accumulation will be the same , regardless if i did credit or deduction
Q4. why is it not. a simple carry fwd of a single amount (similar to cap gain carry fwd loss). im confused by carry fwd amts for each year and how they accumulate
THanks!
