As a newbie to the Form 1116 jungle, I have the following question. A person's tax is zero, but there are enough foreign taxes so that form 1116 shows that there could have been a credit, and the person wants to carry the credit forward.
Should he fill out a zero-amount schedule 3 and enclose it with his 1116 when the taxes are filed?
Did you fully fill out the Form 1116?
This is my general understanding of the Form 1116:
*Conceptually*, the foreign tax credit you will get in a year depends on the amount of U.S. tax you paid on the foreign dividend income. If you paid $0 U.S. tax this year, that would mean you also paid $0 US tax on the foreign dividend. So whatever foreign tax was withheld would be carry forward.BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.