How do you determine if you have a foreign tax credit carryover from prior years?

[parish-angela]

Hello, I have foreign taxes paid on a 1099-div. TT is asking if I have any foreign tax credit carryovers from prior years. If I filed foreign tax credits for previous years (usually around $500 in foreign tax- from Switzerland. I am a US resident), has all that foreign tax credit already been given back (i.e. full amount used) or is there a cap each year for which you only get a certain amount back but can carry over the rest in subsequent years? 

Or am all completely off base, which is highly possible. 🙂

[AmyC]

If you had any foreign tax credit not used, it can be carried forward up to 10 years. You can look at your forms 1116. From the instructions:

Lines 1 through 3. On these lines, you figure your adjusted foreign tax carryover from the prior tax year which is available for credit in the current tax year. The total amount on line 3, column (xiv), is included on Form 1116, Part III, line 10.

Line 4. If you have a current year excess limitation (defined later), some or all of the line 3 adjusted foreign tax carryover amount will be utilized in the current tax year. This activity is shown on line 4 of Schedule B.

Lines 5 through 8. If you have current year excess foreign taxes

Foreign Tax Credit | IRS

About Publication 514, Foreign Tax Credit for Individuals