pk
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.

 

Does this answer  your query ?