The IRS limits the foreign tax credit you can claim to the lesser of the amount of foreign taxes paid or the U.S. tax liability on the foreign income. The excess limit is created when the U.S. taxes on that foreign income are greater than the foreign taxes paid.
Without being able to look at your return, it is difficult to speculate why you only received credit of $32. If you didn't receive the full credit this year, the excess amount will be carried forward for up to 20 years until it is used up to offset foreign income reported during this period of time.
In your case, did you have a Foreign Tax Carryforward carryforward from last year? If so, this may have been used first before applying this year's FTC.
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