Lets assume that the foreign income (one single category) is equal to the taxable US amount and it is $3000 (after the standard deductions). For this sum, the US tax is $300. The multiplying factor for the foreign tax credit is "one" (all the income is from foreign sources).
For the same income, I paid a foreign tax of $400.
The calculated foreign tax credit equals the US tax ($300).
Is there any carryover generated in this situation? (all examples in various instructions assume that the US taxes are higher that the foreign taxes, which is not the case here).
Thank you.
