RE: Foreign Tax Credit Carryovers: Schedule B, line 4 should show amounts of carryover used each past year (as a negative number). How do you enter this in Proconnect?

[PhoebeRoberts]

Schedule B, Line 4, reads "Foreign tax carryover used in CURRENT tax year (as a negative number)."

[sethrosenthal-ea]

Thanks Pheobe,

I do see that, but the IRS form appears to expect a possible amount in each column (i.e. for each previous year). The tax history I am entering does have a negative number in a few previous years on the form. I cannot find a way to enter this in Proconnect. Without those numbers, the total of column xiv is wrong.

I think I'm missing something obvious, but have spent a lot of time and have not figured out what I'm doing wrong.

[PhoebeRoberts]

You need to be able to put an amount in each column, in case your current year's return uses up the carryforward for all prior years.

The Line 1 amount is the carryover to the current year, net of amounts used in prior years. You should be entering the Line 8 amounts from the 2021 Schedule B, shifted one year to the left, into the 2022 Line 1.