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Deductions & credits
It may be that you weren't able to claim all of your foreign tax credit for the year because your tax liability was reduced to 0 for the year. If this is the case, the remainder will be a carryover.
IRS says you can carryback one year of excess then carry forward for the next ten years. If feel that this credit can be used in last year's tax return, you can amend your 2019 return to claim this excess carryover or carryback.
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March 8, 2021
4:04 PM
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