This is my first form 1116. TP has Canada income. When I put in the Canadian wages and taxes collected it calculated the maximum foreign tax credit which is about 1/2 of the taxes paid. Is this normal? I figured tp would get the full credit paid in. It shows they still owe tax.
Also, it is showing a tax credit carryover to 2020 for the difference.
Thanks in Advance! Have a great weekend!