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Level 1
posted Feb 21, 2024 1:02:46 PM

Foreign tax carry back

Is it mandatory to use a  foreign tax credit excess as a carry back ?  I do not want to amend last year's return.  It will not be feasible to carry it forward .  Do you have to use it?

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1 Replies
Employee Tax Expert
Feb 21, 2024 1:12:40 PM

No, you are not required to use the credit.  It could be to your benefit to amend last year's return if the amount is significant and there is foreign income to which you can apply it, but this is not an amendment that you're required to make.

 

You may safely cross that off of your things to worry about.