You wrote: "However, deduct the amount of the refund of foreign tax you received from the amount of Foreign Tax Credit you claim on future returns."
Does that mean you are suggesting that I deduct any refunds from the previous year from the FTC of the current year? That seems to be what you are saying. That would mean not filing an amended return for the earlier year.
Can you also explain the definitions of "paid" and "accrued" in this context? For example, estimated taxes are "paid" in advance, but they are not necessarily the actual tax owed for that year. I only find that out after filing a return. This accounts for the refund issue. So does paid literally mean what I physically paid in that calendar year? That was my interpretation of the requirement because otherwise I would never know what to record. Does "accrued" in this context mean, for example, that I have filed a return, received an assessment of the amount owed, not paid it before the end of the relevant calendar year, and made no previous estimated payments? I know this must sound a lot like Bill Clinton asking for the definition of "is," but the precise technical meaning of those two ordinary words is not clear in this context.
Thanks in advance!
