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Old 01-24-2011, 08:33 PM
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Foreign Tax Credit Carryover

I worked outside the US from 2007-2010. During this time I accumulated a "Foreign Tax Credit Carryover" of $76,962. I am now back in the US paying taxes. I have completed the 2010 Turbotax forms including the "Foreign Earned Income and Exclusion".

I had hoped that I could deduct this accumulated tax credit (having paid much more tax in the foreign country than I would have in the US), but cannot see this taken into account in my 2010 tax return. Indeed when I print it out, it still has this same carryover into 2011 ! When and how can I get this credit?



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