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Asked 11/10/2010
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Use excess foreign tax credit to write-off tax laibility on withdrawl of 401-K I am a US citizen but now moved to India. Last year, I paid all taxes in India and have a Foreign Tax Credit balance of 44,000 dollars. I expect to have an incremental balance of 40,000 dollars this year, so a net amount of 84,000 dollars in unused foreign tax credit. My wife does not work anymore but we file jointly.
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Answer 1/1 - Submitted 11/10/2010
No. The foreign tax credit is limited each year based on the foreign income reported on the return. Having US-source income might change the calculation a bit (say, from the itemized deductions), but you will not be able to use the 1116 credit to pay off the income tax on your pension distribution.
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