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carryover foreign tax credit

Forum|Forum|4 years ago
March 3, 2022
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I have $8 AMT foreign tax credit carryover from last year. If I don't want to carryover to next year. Can I just skip form 1116?

Best answer by ThomasM125

Yes, you are not required to use the foreign tax credit, it is optional.

T

ThomasM125Answer

Yes, you are not required to use the foreign tax credit, it is optional.

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B

BillsburgVa

The solution I understand is to skip form 1116 so as not to claim the Foreign Tax Credit Carryover. How do you do that in Turbo Tax?

M

MayaD

Schedule B (Form 1116) is used to reconcile your prior year foreign tax carryover with your current year foreign tax carryover. Schedule B (Form 1116)

You can delete the Form if you don't want to claim the credit:

1. In the program, to your left,

2. Select Tax Tools, click on the drop down arrow

3. Select Tools

4. Under Other helpful links, choose Delete a form

5. Select Delete next to Form 1116 and Continue with My Return

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carryover foreign tax credit

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