Amount Unused is the amount of qualified foreign income taxes you paid or accrued in the year, that cannot be used in the current tax year. You're allowed a carryback and/or carryover of the unused foreign tax on income included under section 951A.
Qualified foreign taxes without filing Form 1116 if you meet all of the following requirements:
- All of your foreign source income is passive income, such as interest and dividends,
- All of your foreign source income and the foreign income taxes are reported to you on a qualified payee statement, such as Form 1099-INT, Form 1099-DIV, or Schedule K-1 from a partnership, S corporation, estate or trust, and,
- The total of your qualified foreign taxes isn't more than the limit given in the Instructions for Form 1040 (and Form 1040-SR)PDF for the filing status you're using, or in the Instructions for Form 1040-NRPDF (if filing Form 1040-NR).
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