Final 1041 and carryover of foreign tax credits

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Final 1041 and carryover of foreign tax...

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Anonymous

Posted 6/25/2008 9:34:31 AM

Does anyone know if on a final 1041 you can pass out to the beneficiaries unused foreign tax credit carryovers, or are they just lost?

Thank you

Post #609

Mary Kay Foss

Posted 6/30/2008 8:25:04 PM

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I don't know for certain. The trust returns that I prepare distribute all of the income so that the credits are distributed each year - they would only be available on the fiduciary return in a year when deductions exceeded income.

Foreign tax credits can only be carried over for 5 years so there would be a very short window in which to use them.

Mary Kay Foss

Post #611

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