Hello, I have foreign taxes paid on a 1099-div. TT is asking if I have any foreign tax credit carryovers from prior years. If I filed foreign tax credits for previous years (usually around $500 in foreign tax- from Switzerland. I am a US resident), has all that foreign tax credit already been given back (i.e. full amount used) or is there a cap each year for which you only get a certain amount back but can carry over the rest in subsequent years?
Or am all completely off base, which is highly possible. 🙂
