rjd5
Level 2

Retirement tax questions

Not straight forward is an understatement and the (desktop) Tubotax help does not explain it very well.  Currently down in the weeds of worksheets and raw forms.

 

But ... if I understand correctly from this thread the complication comes from the US only recognizing as much tax credit as would apply if it were US sourced income (or whatever fantasy the IRS invents somewhat towards the same). Supposedly this guards against the US subsidizing foreign tax rates. But ... as compensation you can carry the balance forward if useable in the next tax year. Left wondering if carried forward amounts can be accumulated, or just the year before? Thanks ... I understand this mess is not your fault, but appreciate the explanation! ðŸ˜€