Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Foreign Tax Credit - Carryback

Highlighted
Level 3

I am filing some back year taxes for a foreign client of mine. So far am  not needing to use the Exclusion.  So there's nothing to revoke.

But if for instance tax year 2016 has a tax due, and 2017 has FTC carryover. I will like to use that excess tax credit from 2017 on the 2016 tax due. how can I do that in proseries?

Thanks

 

Labels (1)
0 Cheers
4 Replies 4
Highlighted

Just enter the prior year and operating loss carry forward on that schedule under the 1116. Keep in mind that you just can’t randomly use the foreign tax credit carryover unless the person has foreign income in 2017

Highlighted
Level 3

Hmm, am not sure I follow. How does operating loss carryforward come in play. I looked at the NOL worksheet, there is no mention of 1116 on there. And on the 1116 Carryover worksheet, there is no room for Carryback as far as I can tell. Do I have just have to create a schedule on the Explanation Statement? And put my Carryback on Form 1116, Part III, line 10?

Thanks for your patience, I appreciate it.

0 Cheers
Highlighted
Level 12

You seem to have asked this Three Times, now. That means the peer users that volunteer to be helpful are having to follow again from the beginning, every time. Here is the other topic that has answers:

https://proconnect.intuit.com/community/proseries-discussions/discussion/foreign-tax-credit-carrybac...

I will mark this one as Duplicate. No need to keep starting the same subject as new topics. Thanks.

*******************************
"Level Up" is a gaming function, not a real life function.
0 Cheers
Highlighted
Level 3
Spoiler
No, it not same question 3 times, May be same topic... Foreign Income Exclusion/Foreign Tax Credit. But not same question. Please take closer look. I want to thank all the folks that responded. It was helpful and return has been filed.
0 Cheers