artp Posted March 21, 2024 Report Posted March 21, 2024 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
Lion EA Posted March 21, 2024 Report Posted March 21, 2024 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
artp Posted March 21, 2024 Author Report Posted March 21, 2024 Thanks Lion I did not realize that! Quote
Lion EA Posted March 21, 2024 Report Posted March 21, 2024 That's from memory. Check on it if it's a big enough number!! Quote
jklcpa Posted March 21, 2024 Report Posted March 21, 2024 Lion is correct. If no 1116 is filed, then there is no carryback or carryforward. 3 Quote
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