What computation is necessary to carry forward a Foreign Tax Credit?



I had $400 in foreign taxes in 2009 and $400 (lines 9) in 2010, but could only use $0 and $300 (lines 21) of them respectively.
This year I have another $400 in foreign taxes (line 9), but my limitation (line 21) is $500, so I think I can carry $100 forward from 2009!

Form 1116 Line 10 says "show computation". I can include the 2009 1116 showing the excess foreign tax and a letter explaining what I am doing, but what sort of computation do I need?
Any help would be appreciated.


Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question