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carryover of foreign tax credit - why it does not work?
I have paid foreign taxes in 2017 and 2018. Than was able to use these credit partially - in 2017 and 2018 returns. So I fill out 1116 this year, put all numbers for used and disallowed credits. But it does not change the final return at all. I suspect that the reason is - this year I am getting money back from Uncle Sam, while 2 previous years I owed him.
Is it right, or the reason is somewhere else?
To increase my chances for the carryover next year, should I ignore quarterly estimated taxes?
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March 17, 2020
9:03 AM