User talk:Mustu
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- Tim Doyle, TaxAlmanac Moderator - Talk to me 12:07, 7 December 2006 (CST)
FTC 10-year rule
Mustafa -
Came upon your posting while doing some light research on the FTC (just joined the TaxAlmanac group).
Would it be your understanding of the 10-year rule that a taxpayer can file an original 2001 tax return in 2007, claim the FTC and get a refund based on payments made (but not claimed) ?
ie: I understand that an '01 return can be amended to claim the FTC (and then carryforward any unused portion of the FTC), but could this actually result in receiving a refund for "payments" (ex: estimated taxes paid) not claimed earlier ?
EXAMPLE
Tax year: 2001; Filing status: MFJ; Foreign Earned Income - $23,400; Foreign taxes paid - $3,500; US Estimated taxes paid - $1,000;
AGI - $23,400 Std ded/Exemptions - $13,400;
Taxable income - $10,000; TAX - $1,500 FTC - $1,500; Tax, net - -0-
[FTC carryforward $2,000] REFUND (of estimated taxes) - $1,000
Claiming the foreign tax credit on the 2001 tax return (filed in 2007) is no problem. However, I don't believe you would be able to get back the estimated tax payments that had been made previously due to the statute of limitations in claiming refunds.
