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Retirement tax questions
No, you're not doing something wrong. TurboTax tells you whether it's best for you to take the standard deduction or to itemize, and then it will calculate the foreign tax credit. It sounds like your credit is limited. That's ok because you're allowed a carryback and/or carryover of the unused foreign income tax. You can carry back for one year and then carry forward for 10 years the unused foreign tax. For more information on this topic (including taxes paid or accrued in years before 2007), see Publication 514, Foreign Tax Credit for Individuals.
March 1, 2021
8:10 AM