artp Posted March 21 Report Share Posted March 21 For 2023 client had $227 FTC but was not needed as tax was computed using Capital gains rate which was zero. Regular tax per tax table was $1800. Drake did not show any carryover of FTC. This does appear to be correct. Am I wrong on this Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 21 Report Share Posted March 21 If you choose to use Form 1116, you can carryover. If you use either of the other two FTC methods, there's no carryover. 2 Quote Link to comment Share on other sites More sharing options...
artp Posted March 21 Author Report Share Posted March 21 Thanks Lion I did not realize that! Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 21 Report Share Posted March 21 That's from memory. Check on it if it's a big enough number!! Quote Link to comment Share on other sites More sharing options...
jklcpa Posted March 21 Report Share Posted March 21 Lion is correct. If no 1116 is filed, then there is no carryback or carryforward. 3 Quote Link to comment Share on other sites More sharing options...
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