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kclnicola
March 11, 2025
Question

FTC form 1116

  • March 11, 2025
  • 1 reply
  • 0 views

If I have carry-forwards, have foreign income but no foreign tax paid (cash basis, tax paid) for the year, can I file Form 1116 with zero amount in part II, ie using carryforwards to claim the FTC?

1 reply

KrisD15
KrisD15
March 11, 2025

Yes, as long as you have foreign income, you can carry-forward the credit to Form 1116 Part III line 10

 

After you enter your foreign income

Go to Deductions & Credits

Estimates and Other Taxes Paid 

Foreign Taxes    START 

The first screen asks about credits from a prior year.

Select YES 

Continue through the interview until you get to the screen to enter your foreign tax credit carryovers 

 

 

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