Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-25-2014, 01:27 PM
Junior Member
Join Date: Mar 2014
Posts: 1
Foreign tax credit won't carryforward

I don't have much income for 2013, so after all the deductions/exemptions are taken, I'm left with zero tax liability. As a result, I cannot take the foreign tax credit of $46. The tax software won't let me carryforward to 2014, since I don't have to file a form 1116 due to all the foreign tax coming from passive income (1099-DIV). I should be allowed to carryfoward my 2013 foreign tax credit, correct? The form 1116 worksheet in the software is still marking the $46 as being used even though the 1040 shows 0 for the foreign tax credit. I talked to someone with the software company, and they didn't really help me. Thanks!

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

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

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
Utilization of NOL Carryforward [email protected] Miscellaneous 2 02-12-2014 11:47 PM
NOL carryforward from sole proprietor to S-Corp? mtsheridan S-Corporation 1 09-09-2013 03:02 AM
Some questions concerning NOL carryforward mellonpo Sole-Proprietorship 7 07-21-2012 02:01 PM
Can I take foreign tax credit or deduct taxes paid on foreign investments in IRA? jswift IRA/Sep 0 02-14-2010 02:03 AM
Net Losses Carryforward? chrisk C-Corporation 1 01-18-2007 10:27 AM

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

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