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Deductions & credits
Dave, I was thinking that I only show the Germany income instead of the "total" foreign income. My logic is that on the 1099int portion the Foreign interest is listed as taxable income. So since I will be paying tax on the interest foreign income, I felt that just listing the foreign dividend income would be sufficient and accurate . The is where the only foreign taxes were paid and recorded on the 1099div portion of the statement.
I wondered if I listed the interest in the total foreign income, I might be double taxed since its already in the 1099int portion.
What do you think?
Also wondered your thoughts on this. I apply this as a foreign tax credit to my federal tax due. Based on all the program math, I never get the full amount as a credit to my tax due. Its always a percentage. so I now have about 3 years of carry over that is listed in the TT program. Will I be subject to eventually losing these carryovers? Including this year I might have about 1000.00 in total carryover for 3 years. Really dont know why I cant use the full amount and avoid these carryovers or is there some way I can use them? OR do we just continue to carry them on and on?
Thanks for your input.