How can I get my AMT foreign tax credit carryover from 2023? I am having trouble understanding the instructions in turbotax

Forum|Forum|1 year ago
February 19, 2025
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To get your 2023 AMT foreign tax carryover, look at your list of forms in your 2023 return, look for form 1116 comp worksheet. Scroll to the bottom of the worksheet and look for Foreign Tax Credit Carryovers to 2024. There should be an entry for Alternative Minimum Tax carryover listed there. Here is a screenshot on what this looks like. Note this screen is for 2024 return but this is the same form used in 2023.

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Anonymous

Thank you. I have this amount but when I follow the instructions in TurboTax to get this credit, it says I am not eligible. It does not say specifically why I'm not eligible. If I am not eligible for the credit this year, how do I carry it forward on this return?

DaveF1006

To clarify, do you need to pay alternative minimum tax this year? If not, then the credit will not be applied and should carryover into next year.

In fact in this year's return, if you look at Form 1116 Comp Worksheet, go to the bottom of the worksheet and see if there is a value that says AMT Carryover to 2025.

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