Hi,
This shouldn't be as difficult as last year..I am already done for this year as I had no Canadian income to explain. But last year 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.
My question is what do I do for this amount this year? That is..what amount of the Carryover can be used for the 2009 tax form. I assune another 1116 will need to be filed...
Thank you for your time..
Kev
QUESTION ABOUT 1116 CARRY FORWARD
Moderator: Mark T Serbinski CA CPA
Unless you have Cdn income, none can be used. No need to file 1116, you can use the carryforward next time you have Cdn income
I gues you now realize that while the credit seems to be best, the deduction taken last year probably would have been more useful.
The bexst advice I can give you at this point is to get a job or contract in Canada on whichj you will owe no Cdn tax (less than $10K) and then use the crdit then.
I gues you now realize that while the credit seems to be best, the deduction taken last year probably would have been more useful.
The bexst advice I can give you at this point is to get a job or contract in Canada on whichj you will owe no Cdn tax (less than $10K) and then use the crdit then.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best