Thank you so much for your answer.
The other main concern I had was that for this year - 2020, I don't have any foreign income so I don't need to file Form 1116 with my tax return. In such circumstance, when the foreign income and taxes are $0 do I still need to file the form 1116 with just line 10 (for carryovers balance ) or fill out any other type of statement?
Eagerly waiting for your advice..
Thank you again,
