Can I carryback or carryover any unused Foreign Tax Credit?
If you can’t claim a credit for the full amount of qualified foreign income taxes you paid or accrued in that particular year, you’re allowed a carryback and/or carryover of the unused foreign income tax. You can carry back the unused foreign tax for one year and then carry it forward for 10 years.
All About Randall Brody
Randall is the Founder of Tax Samaritan, a boutique firm specializing in the preparation of taxes and the resolution of tax problems for Americans living abroad, as well as the other unique tax issues that apply to taxpayers. Here, they help taxpayers save money on their tax returns.