I've done a preliminary calculation for my 2019 US tax return without including any foreign tax credits for tax paid to Canada. It shows that I will have no tax owing - not a big surprise because my income was quite low last year as I didn't have any employment income and only a bit of dividend and capital gains income.
Is there any reason why I should file foreign tax credit claims for 2019 even though I don't need them for that tax year?
No US Tax Owing Without Using FTC - Should I File FTC Anyway?
Moderator: Mark T Serbinski CA CPA
Re: No US Tax Owing Without Using FTC - Should I File FTC Anyway?
It is not a bad idea to file the 1116's in any evnt, for carryforward purposes. You never know.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: No US Tax Owing Without Using FTC - Should I File FTC Anyway?
I'm thinking I won't file any 1116's this year. Then if I need to carry forward foreign tax credits in the future I'll file an amended return for 2019.
Will this create any problems?
Will this create any problems?
Re: No US Tax Owing Without Using FTC - Should I File FTC Anyway?
Not a problem
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing