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What happens to unused foreign tax credits?

Foreign Tax Credit Carryover. One nice thing about claiming the FTC is the foreign tax credit carryover. In summary, if you dont use the full tax credit amount youre allowed, your unused amount can carry over to the next tax year or carry back to the previous year.

Why do I have a Form 1116?

File Form 1116 to claim the foreign tax credit if you are an individual, estate, or trust, and you paid or accrued certain foreign taxes to a foreign country or U.S. possession.

Is a foreign tax refund income?

A foreign income tax refund would not be taxable on your US tax return. If you used the foreign tax to qualify for a foreign tax credit in a prior year, however, you may need to amend the return where you claimed the credit to reflect the refund.

Can I skip Form 1116?

Single filers who paid $300 or less in foreign taxes, and married joint filers who paid $600 or less, can omit filing Form 1116. But using the form enables you to carry forward any unused credit balance to future tax years; without filing Form 1116, you give up this carryover tax break.

How do I suppress a form 1116?

Go to Credits 1116 - Foreign Tax Credit. Select Section 1 - Processing Options. In Line 1 - Election to claim the foreign tax credit without filing Form 1116, checkmark this line to suppress the Form 1116. In Line 5 - Suppress Form 1116 AMT, checkmark this line to suppress the Form 1116 AMT.

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