I guess since my credit was already maxxed out just from this year's foreign taxes paid, the carryover didn't even have any application.  With the credit limited between the difference between foreign taxes paid and U.S. taxes that would otherwise be owed, I don't know how that carryover ever comes into play.  It must somehow since there is that carryover provision but I don't know what the circumstances would be.

 

I was originally under the impression that the foreign taxes paid could be used to offset ANY U.S. tax liability but that is apparently not the case.