You probably need to adjust it, and I’m curious about the result being correct. I don’t know the specifics of your scenario, but the credit is limited to the amount of your U.S. tax allocable to your non-excluded foreign income. So if we know something in the equation isn’t right, we definitely want to investigate.
I recommend going back to the beginning of the foreign entry process. If the income you’ve excluded was on a W-2 which was entered first, it’s possible to accidentally tell the program (in the 2555 interface) that it was on a statement, and enter it again (doubling the income number).
Later, in the Foreign Tax Credit section, the program should be referring to the already-excluded income, and asking you to confirm that it’s allocable to the countries you’re entering. And then there’s a “Other Gross Income – [Name of Country]” screen where there’s a possibility of making redundant entries of 2555 excluded income.
Depending on your scenario, there are other possibilities as well. I know I’m not being very specific, yulingdaiusa, but this is sort of a hands-on project, and one that requires looking here and there. But you obviously understand which number we’re trying to fix, and hopefully I or someone else can help along the way if it isn’t going smoothly!
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