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Level 1
posted Mar 26, 2025 6:52:57 AM

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 ?

QSS filing $ 300 full credit. I want full CR in 2024 rather carry over2025.Please help

0 1 609
1 Replies
Expert Alumni
Mar 27, 2025 10:21:37 AM

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