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A tetragonally distorted FeCo structure is obtained in Fe/Co multilayers epitaxially grown on Au50Cu50 buffer using MgO single crystal substrates as a result of the lattice mismatch between the buffer and the FeCo ferromagnetic layer. The presence of large magnetic anisotropy energy (MAE) of the order of 1 MJ/m3 has been confirmed by ferromagnetic resonance. Furthermore, the effect of carbon (C) doping to maintain the tetragonal distortion throughout the thickness of 3 nm FeCo has been investigated. Our study shows that FeCo alloys maintain large magnetic moment and possess high MAE properties that are required for designing permanent magnets.