ljsmith2
Level 4
03-05-2024
10:09 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Is there a way to directly enter the current year foreign tax credit on Schedule 3 when Form 1116 has been used in the prior year?
I have not been able to make a direct entry when the Form 1116 already exists and there is a small amount of carryover foreign tax credit of just a couple dollars.
Thinking out loud.....
If the carryover is just a couple dollars, can I remove the Form 1116 and enter the couple dollars on Schedule 3 so that moving forward I can make direct entries each year?
Thinking that the cost of preparing the Form1116 is not worth the small amount of carryover.