David Posted April 9, 2016 Report Share Posted April 9, 2016 TP worked in Canada several years and has been back in the US since 2014 with the same employer. He has a big FTC carryforward that will not be used. Is he able to deduct the remaining amount on Sch A in 2015? I wouldn't think so since he is a cash basis TP and the taxes were paid in 2014 and prior years. I thought I would check to see if there was any way for him to deduct those taxes instead of carry forward for years. Thanks. Quote Link to comment Share on other sites More sharing options...
Max W Posted April 10, 2016 Report Share Posted April 10, 2016 The FTC can only be taken against foreign income. If the client has brokerage accounts, he could have foreign dividends or interest against which the FTC could be applied. Quote Link to comment Share on other sites More sharing options...
joanmcq Posted April 10, 2016 Report Share Posted April 10, 2016 You can't deduct the remaining c/f. It just carries forward up to 20 years. Quote Link to comment Share on other sites More sharing options...
DevM Posted April 12, 2016 Report Share Posted April 12, 2016 I think carry forward is only for 10 years. 2 Quote Link to comment Share on other sites More sharing options...
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