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.