Re: Foreign tax credit
Level 12
Level 12

Deductions & credits

@johnscarf , YES -- to utilize  foreign tax credit   (suspended / carryover or new), you need  foreign income.  And NO, the credit and  income does not have to be  from the same country -- in your particular case  , even though the  income that generated the tax credits   came from Peru, the carry-over  could be used against foreign taxes paid  on income from another country.  The only other way to utilize the credit is to use as deduction when you itemize.


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