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H
hgibson
April 8, 2025
Question

Does foreign tax credit carried over from 2023 pay for any taxes I owe in 2024?

  • April 8, 2025
  • 1 reply
  • 0 views
Ie I have over 10,000 in foreign tax credit carried over from 2023 and I owe 120 on this year's taxes. Does the credit pay for taxes I owe in 2024? Or how does the foreign tax credit carry over work?

1 reply

SusanY1
SusanY1
April 8, 2025

The foreign tax credit carryover only lowers tax on foreign income.  If the $120 of the tax you owe (or any portion of it) is due to foreign-sourced income then the foreign tax credit would help to reduce the tax due.  

it does not reduce tax due on US-sourced income.

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