Is the Foreign Tax Credit a Refundable credit?

The main purpose and effect of the foreign tax credit
The main purpose and effect of the foreign tax credit
March 25, 2014
Difference between a foreign tax credit and a deduction
Difference between a foreign tax credit and a deduction
March 25, 2014
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Is the Foreign Tax Credit a Refundable credit?

Is the Foreign Tax Credit a Refundable credit?

No. Section 901(a) permits a taxpayer to claim a (non-refundable) credit against his U.S. income tax. When a tax is non-refundable, the credit is not allowed to exceed one’s U.S. taxes. However, while it is a non-refundable credit, the credit may be carried either forward or backward to other years when one’s credit exceeds his U.S. taxes.