carry-over of North Carolina foreign tax credit

Home Fairmark Forum Other Tax Topics carry-over of North Carolina foreign tax credit

Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • #16618
    RustyShackleford
    Participant

    Referencing North Carolina income tax form D-400TC, Part 1 limits the amount of foreign tax credit (FTC) I can take (line 7a is considerably smaller than line 6).

    I am wondering if it is possible, as with the federal FTC, to carry over the unused amount. Part 1 says nothing about it. However, the line 7a amount is carried to Part 3, where it is added to “Tax credits carried over from previous year”. But nowhere in the instructions for this form, or at the NC DOR website, can I find any discussion of what qualifies as a carried-over tax credit, in particular, does the unused FTC count ?

    #16621
    ruth
    Participant

    Section 105-151 of the NC Code, which is the relevant statute, contains no provision for carryover.

    #16622
    RustyShackleford
    Participant

    Thank you very kindly, Ruth.

    You know, I was thinking that we’re rather fortunate here in NC, since not all states provide for FTC. And to some extent, we’re actually receiving two “refunds” for the foreign tax deducted from mutual fund dividends.

Viewing 3 posts - 1 through 3 (of 3 total)
  • You must be logged in to reply to this topic.