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Level 2

Carry back foreign tax credit

I am unable to use all my foreign tax credit for year 2017. I will have left over approx  $577. I know I can carry forward the unused amount, but, don't think I'll be able to use all it anytime soon given that I won't be able to use everything I'll get in 2018. I read that I can carry back the foreign tax to preceding year(s). I only used $62 in 2016 and $62 in 2015. How do I go about applying some of the unused foreign tax, approx $238, to 2016 and before? Would I have to execute an amended 2016 return?

1 Reply
Level 9

Carry back foreign tax credit

You can carry back 1 year (2016) if it's feasible.  For tax year 2016, if you used the exemption and did not fill out a form 1116, you cannot carry back to 2016.  If you filled out a form 1116 for 2016 and the foreign tax credit limit is greater than the foreign tax used; (line 21 is greater than line 14) you can carry back up to the limit.  To do this, you would file a 1040X and a revised form 1116 for 2016.

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