Hi,
Could anyone confirm that I have understood the foreign tax credit carry-over correctly? When I am looking at the summary of our family income (I am filing married jointly) and the taxes that we've paid, I see that only a portion of the taxes I paid on the pension was allowed. Again, this pension was paid by a foreign entity in Europe.
Q1: Does that mean that the portion that was disallowed will carry over to tax year 2025?
Q2: Is a foreign tax credit treated differently for a "lump sum" versus monthly payments? I got a lump sum payment this first time only and the pension is paid monthly going forward.
Q3: After I reported this foreign pension and taxes paid on it, the interview process asked me to modify the total gross annual income, either up or down (in my case, it will be down = placing a negative number in the field). I was "surprised" at this question as I have never had TT software prompting me on this. I assume that this is "normal?"
Q4: I presume that profit/loss from sale of company shares go under under "gross annual income" as well, correct?
Awaiting pearls of wisdom to save my sanity!
JJ
