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J
JRPATEL-AHMEDABAD
March 26, 2025
Question

filing 1040- QSS form 1116.My F Div. $ 822 , FTP $ 550.TT calculate $ 160 CR and $390 carry to 2025. Why can't I get full credit 0f $550 in 2024 ?

  • March 26, 2025
  • 1 reply
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QSS filing $ 300 full credit. I want full CR in 2024 rather carry over2025.Please help

    1 reply

    R
    RobertB4444
    March 27, 2025

    Your foreign tax credit is limited to the lower of the foreign tax paid OR the US tax on the same amount.  Your tax rate is 20% and the tax on $822 is $160.  That's the maximum deduction allowed.

     

    @JRPATEL-AHMEDABAD 

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