Thomas,
Thank you for your reply. I understand your directions and I've tried to do what you say with a little test. I tried sticking in numbers in the form 1116 step-through that creates a hypothetical situation to see if TT would move my carry over foregin taxes paid from previous years to the current year. For example, I poked in numbers like, I only paid $10 in foreign taxes but make $5000 in foreign revenue, thinking that would trigger the carry over from previous years to move to this year. No joy, it just gave me the $10 foreign tax credit for this year and the previous years carryover amounts stayed stuck in those previous years.
Can you think of a combination of foreign taxes paid and foreign revenue earned that would trigger the previous years' carryovers to get moved to a foreign tax credit for the current year?
If I can find such a combination of foreign tax paid to revenue earned, then all I have to do is find an investment with the right ratio, buy it and wait till next year to file my taxes in the hope that I'll get my hands on the carry over from previous years. Does that sound like a reasonable strategy?
Is there any other way you can think of that I could get at my pervious years' foreign tax carryovers. In my case it amounts to about $2500. Not a whole lot but, darn it, I want that back!
Many thanks
