Question

Form 1116: Where can I find foreign taxes, amount used and disallowed from previous year for adjustment?

Forum|Forum|5 years ago
July 7, 2020
1 reply
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Hi there, I switched to using TurboTax premier this year instead of tax consultant. I chose RIC as I only have 1 fund VTIAX from Vanguard for Foreign Tax Credit. TT asks me for 3 numbers in "Foreign Tax credit carry overs" page: Where can I find

"Foreign Taxes",

"Amount Disallowed" and

"Amount Used" from my previous tax return or previous Vanguard's tax form?

I believe my consultant use some numbers and some calculation from previous years for 1116, but isn't explaining them to me. Hence trying to figure out to be able to make adjustments from this year using TT. Thank you.

A

Anonymous

you need to know the carryover for each prior year

the total would be from 2018 form 1116 line 14 less line 22 or 33. the current year is used first. so you'll need to find a schedule in your 2018 return that shows the details or go back to your former preparer. TT is not good at handling FTC carryovers. first, you need to enter the total on line 10. and then click on explain to enter the detail by year.

J

johnsantaclara1Author

Thanks Hackitoff! I have previous year's tax return : line 14 and line 22 show $341. line 23 is empty. Please advise how to get the 3 values below TT is asking from those numbers

"Foreign Taxes",

"Amount Disallowed" and

"Amount Used"

Sorry that I couldn't understand clearly.