Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Look under "Figuring the Credit" for line 10, page 9 and 10 in the instructions for Form 1116. The reason I said what I did was that you didn't say specifically you didn't have foreign INCOME previously, just foreign TAX. If you work through lines 16 or 17 you find that with no foreign income you can't take any credit for foreign tax, therefor, conversely, if you had foreign income and no tax in 1998 you can file a 1040X and carry the 1999 tax back on a 1116 for 1998, and also into 1997 (2 year max).
Does that help? Ed
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.