Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-22-2009, 11:43 PM
Junior Member
 
Join Date: Feb 2009
Posts: 2
Foreign Tax Credit Carryover

I had an overseas assignment in 2005-2006. Foreign taxes were paid in 2006 but were not exhausted as a credit in that year. So carry over applied to 2007. Because of the way my overseas income was accounted for, some of it applied in 2007 as well. Now we come to 2008 and I have no foreign income, but there is still a carryover amount left from what was applied in 2006 and 2007. Can I claim this remaining carryover credit in 2008 with no foreign income? Form 1116 and Publication 514 seem to imply that I can't.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-05-2009, 01:09 PM
Junior Member
 
Join Date: Feb 2009
Posts: 2
It may be odd to "answer" your own question, but given the number of views this post has had, thought it would be useful to pass on what the IRS told me yesterday. The net of the conversation is that if you have no foreign income source for a given year, you can not carry forward any remaining foreign tax credits from previous year. Simply put, any unused credit is lost unless you have foreign income during the carry forward years (up to 10). Guess I better get another overseas assignment soon.......



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 11-22-2010, 02:16 AM
Junior Member
 
Join Date: Nov 2010
Posts: 2
Hamim

How can I get my personal refund information?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #4 (permalink)  
Old 11-22-2010, 11:29 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
" How can I get my personal refund information? "---> FOr your individual income tax refund info. please visit the IRS Web site( click on "Where's My Refund? online " and follow the instructions); Where's My Refund - It's Quick, Easy, and Secure.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Foreign Tax exemption question BWaller Income 1 01-25-2009 10:17 PM
Foreign Charities BURTON PROPP Itemized Deductions 1 07-23-2008 09:04 PM
How does one qualify for Foreign Earned Income Exclusion & Foreign Housing Exclusion? TaxGuru Miscellaneous 0 05-06-2008 04:42 PM
Capital Losses carryover period allowed PaulChamil Capital Gains 2 03-21-2008 02:49 AM
Impact of net operating losses carryover when I convert to a S Corporation? Leah S-Corporation 1 01-29-2007 10:52 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.