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?

Forum|Forum|3 years ago
March 30, 2023
1 reply
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ProConnect Tax

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PhoebeRoberts

Intuit Community Champion

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

S

sethrosenthal-eaAuthor

Level 2

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

Intuit Community Champion

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.

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