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
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1 Replies
RobertB4444
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.