MarilynG1
Expert Alumni

Get your taxes done using TurboTax

No, you don't need to file Form 1116 if you're not taking a Foreign Tax Credit this year.  Keep the amount of your carryover handy for when you do take the credit.  It can be carried forward for up to 10 years.  No, you don't forfeit the credits by not using them, during the 10 year period. 

 

Here's detailed info on Claiming the Foreign Tax Credit.

 

@mgsjka 

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