I am now living in the US and in Canada I only have RRSPs and a normal savings account with no withholding in Canada. I'm reporting my interest income on my 2012 1040 so I am not filing a 2555.
I don't have any foreign tax from 2012 to claim in my 1116 or 1116AMT. I have carryover amounts from 2011 for regular and AMT Foreign Tax Credit. Do I need to file a 1116 to keep my carryover amounts from 2011?
Thanks!
1116 Carry Over Credit
Moderator: Mark T Serbinski CA CPA
I'm not sure why you say your reporting interst has anything to do filing 2555 or not. 2555 only covers wages.
you don't need to file 1116 to carryforward, you already did this last year. you can resume filing 1116 when you have foreign tax.
you don't need to file 1116 to carryforward, you already did this last year. you can resume filing 1116 when you have foreign tax.
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