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Level 2
posted Feb 21, 2023 9:18:36 PM

If I filed Foreign Tax Credit (form 1116) in the past and stopped rolling it over, can I claim it again?

0 2 184
1 Best answer
Expert Alumni
Feb 22, 2023 7:52:59 AM

It depends. In order to start using it again, you would have to go back and amend your prior year tax returns using it on the previous years first.  If there is a remaining credit when you get to 2022, then you would be able to use it for this year. 

 

You cannot just use the full balance on this years return without applying it to the previous years first. 

 

If the credit would result in a refund on the previous returns, you would only be eligible to receive the refunds of the past 3 years. For years before that, you would end up losing any refund or benefits. 

2 Replies
Expert Alumni
Feb 22, 2023 7:52:59 AM

It depends. In order to start using it again, you would have to go back and amend your prior year tax returns using it on the previous years first.  If there is a remaining credit when you get to 2022, then you would be able to use it for this year. 

 

You cannot just use the full balance on this years return without applying it to the previous years first. 

 

If the credit would result in a refund on the previous returns, you would only be eligible to receive the refunds of the past 3 years. For years before that, you would end up losing any refund or benefits. 

Level 2
Feb 22, 2023 9:45:37 AM

Thank you!