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Foreign tax credit carryover calculation
The following describes how foreign tax credit carryover amounts calculate.
If, because of the limit on the credit, the full amount of qualified foreign taxes paid or accrued in the tax year can't be used, a 1-year carryback then a 10-year carryover is allowed. The carryback and carryover calculate based on entries you made in the
1116CO
screen.Alternative minimum tax
The alternative minimum tax (AMT) foreign tax credit calculates separately, using AMT income and deductions. Separate carryovers are calculated for the AMT foreign tax credit. Any unused AMT credit available for carryover includes the amount not taken because of the AMT credit limit.
Foreign Tax Credit Carryover Worksheet
UltraTax CS provides a Foreign Tax Credit Carryover Worksheet for each applicable foreign income category. Positive amounts from the last column of this worksheet transfer to the Foreign Tax Credit Carryover Report, which reports both regular and AMT foreign tax credit carryovers. Overrides entered on the Foreign Tax Credit Carryover Worksheet will transfer to the Foreign Tax Credit Carryover Report and will proforma to next year.