Hi,
I am already done for this year as I had no Canadian income to explain. But 2 years ago in 2008 I filled out a Form 1116 and declared $3965 from a Lump sum one time Distrubition and utlized $799..00...leaving a Carryover of $3166. I have been working only in th usa in 2010...
My question is what can I do if anything with this amount this year as there was residue from 2008 not utilized? That is..what amount of the Carryover can be used for the 2010 tax form if any?
Thank you for your time..
Kev
Carry Over ( Forward) from 2008 Tax return
Moderator: Mark T Serbinski CA CPA
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You can;'t use the carry forward untiul you have foreign income. You will carry this forwrd for 10 years.
You should look at changing your return for the past and making the entire foreign tax a deduction rather than a credit, unles you foresee some Cdn untaxed mony in your future.
You should look at changing your return for the past and making the entire foreign tax a deduction rather than a credit, unles you foresee some Cdn untaxed mony in your future.
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