Foreign Tax Carryover

[vijayakumar52]

Hello,

I have excess foreign tax credit from 2016 till 2019 which has been carried over since I was filing Form 1116. Since I did not have any foreign property or income or taxes from 2020, I have not filed any Form 1116 from 2020. If I have to claim the carried over Tax as a refund after using it for 2024 taxes, what should I do? Can I create a Schedule B (Form 1116) and submit along with this year's Tax Return?

Thanks

Vijayakumar52

[DaveF1006]

No, unless you have foreign income to offset any of those carryovers, the carryover will remain in your account until expiration.  The carryovers will expire after ten years if there's no foreign income during that period.