Yes, the Foreign Tax Credit can be carried forward or backward in certain situations. If the FTC exceeds the allowable limitation for the current tax year, the excess amount can be carried back 1 year and deducted from the U.S. tax liability for that year. Any remaining excess credits can then be carried forward for up to 10 years and used to offset future U.S. tax liabilities. However, the carryback and carryforward rules are complex and subject to various limitations based on IRC Section 904. Consult a tax professional for specific guidance.