What are the carryback and carryforward periods for the foreign tax credit?
A)back two years; forward five years
B)back three years; forward ten years
C)back one year; forward ten years
D)back two years; forward twenty years

Question

Quizplus · Accepted Answer

The foreign tax credit can be carried back one year and carried forward ten years. This allows taxpayers to apply the credit to taxes paid in the previous year or to future tax liabilities.

What Are the Carryback and Carryforward Periods for the Foreign