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- Re: My client has a foreign tax credit carried forward from 2023, in 2024 they have Canadian pension income with no withholding. Can I offset this year's income with the TFC carried forward even thou...
My client has a foreign tax credit carried forward from 2023, in 2024 they have Canadian pension income with no withholding. Can I offset this year's income with the TFC carried forward even though no foreign tax was paid in 2024??
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2 Comments 2
sjrcpa
Level 15
yesterday
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Maybe. What happens when you fill out the 1116 with the foreign pension income?
The more I know the more I don’t know.
mdfernandezcpa
Level 1
yesterday
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The gross pension income appears on line 1 of the 1116 and a portion of the credit carried forward from 2023 is being utilized, with the unused balance carried forward to 2025. There are no critical diagnostics generated. It appears that the program is accepting this.
