Have you done a credit carryback for foreign taxes?

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House Blend
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Have you done a credit carryback for foreign taxes?

Post by House Blend »

I'm planning to amend my 2019 taxes to do a carryback of unused foreign tax credits from 2020 to 2019. Having read Pub. 514 and the instructions for Form 1116, I was expecting that this would require filing

a 1040-X,
a revised 2019 Schedule 3,
a revised 2019 Form 1116,
and an attached statement detailing the carryback computation.

But the 1040-X instructions seem to say that the IRS also wants copies of my

2020 Form 1040,
2020 Schedules A & D,

and maybe my
2020 Form 1116 and Schedule 3.

This seems odd to me, so I'm hoping for feedback from folks who have done this before.

Interpreting the third and fourth bullet points in the following paragraph from the 1040-X instructions seem tricky (e.g., how to parse "Any form or schedule from which the carryback results"). Note that multiple forms of carryback are under discussion here, not just foreign tax credits.
Carryback claim--credits and other losses. Enter "Carryback Claim" at the top of page 1 of Form 1040-X. Attach copies of the following.

· Both pages of Form 1040 and Schedules A and D, if applicable, for the year in which the loss or credit originated. Enter "Attachment to Form 1040-X--Copy Only--Do Not Process" at the top of these forms.

· [omitted -- not relevant]

· Any form or schedule from which the carryback results, such as Form 3800, General Business Credit; Form 1116, Foreign Tax Credit (Individual, Estate, or Trust); Form 6781, Gains and Losses From Section 1256 Contracts and Straddles; Form 4684, Casualties and Thefts; or Schedule C or F (Form 1040) (or, for amended 2019 and later returns, Schedule C or F (Form 1040 or 1040-SR)).

· Forms or schedules for items refigured in the carryback year, such as Form 6251, Alternative Minimum Tax--Individuals; Form 3800; Schedule A (Form 1040 or, for amended 2019 and later returns, Schedule A (Form 1040 or 1040-SR)); or Form 8962, Premium Tax Credit.
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