I had foreign tax credits in 2008 and 2009 I couldn't use because I didn't owe any taxes. Can they be carried forward to 2011? Apparently I can use $1,100 this year (line 21), but only have $600 in foreign taxes (line 14); so I am hoping I can carry $500 forward.
I had an accountant prepare my 2010 return. The situation was similar, the limit was $400 more than the foreign taxes. He did not carry anything forward, but noted that I had $400 "PASSIVE INC EXCESS LIMIT FROM 2010" to carry forward to 2011. Does that mean I have $900 ($400 2010 and $500 2011) to use for carry forward from 2008 and 2009? If so, how? I see where to enter the foreign tax carried forward, but don't see anything carrying forward the excess limit.
I have these questions into him also, but he is a bit upset I didn't use him this year and I don't expect much of an answer.