using carryover foreign tax credits in the future

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eortlund
Posts: 272
Joined: Tue Aug 07, 2007 12:18 pm

using carryover foreign tax credits in the future

Post by eortlund »

I have not yet had an opportunity to use these. If I did, can they be used to offset general or passive income, regardless of how they were generated? Or does it have to correspond with how they were earned? And would pension or other retirement income be considered general or passive income?
nelsona
Posts: 18359
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

1116 carryforward is by category, so passive can only be used against passive, etc.

pension is gen limit, as are wages.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
eortlund
Posts: 272
Joined: Tue Aug 07, 2007 12:18 pm

Post by eortlund »

Thanks! Makes sense.
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