ljsmith2
Level 4

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.

 

 

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