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Why isTurbo tax is only showing me a foreign tax credit of $241 when I actually paid $352 in taxes on dividends from 2 Canadian companies, as shown on my 1099-Divs.?

Forum|Forum|5 years ago
March 6, 2021
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Best answer by DaveF1006

It may be that you weren't able to claim all of your foreign tax credit for the year because your tax liability was reduced to 0 for the year. If this is the case, the remainder will be a carryover.

IRS says you can carryback one year of excess then carry forward for the next ten years. If feel that this credit can be used in last year's tax return, you can amend your 2019 return to claim this excess carryover or carryback.

R

rogge1722

Employee

The $241 is the U.S. tax on the Canadian dividend income and that is the amount of credit you received.

DaveF1006Answer

It may be that you weren't able to claim all of your foreign tax credit for the year because your tax liability was reduced to 0 for the year. If this is the case, the remainder will be a carryover.

IRS says you can carryback one year of excess then carry forward for the next ten years. If feel that this credit can be used in last year's tax return, you can amend your 2019 return to claim this excess carryover or carryback.

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