Foreign Tax Credit

foreign Tax Credit

is not an income tax. A foreign tax credit may not be claimed for taxes on income that you exclude from.S. Not all taxes paid to a foreign government can be claimed as credit against the.S. All that income and the foreign tax paid on it were reported to you on Form 1099-INT, Form 1099-DIV, or Schedule K-1. The credit is the amount you paid to the foreign country, but it is usually limited up to the fraction of your.S. Generally, only income, war profits, and excess profits taxes qualify for the credit. A tax credit can be either refundable or non-refundable. Therefore, the fund only pays you 930 in dividends; this is what you will receive if you hold the fund in a tax-advantaged account. These people can exclude some or all of their foreign earned income from their.

Note: You won't be able to take a credit or deduction for taxes paid (or accrued) on excluded foreign earned income or housing. The credit can only be claimed on income that is also subject to domestic taxation. Form 1116 and attach it to your Form 1040. To choose the deduction, you must itemize deductions. Generally, income taxes paid or accrued to a foreign country or.S. To choose the foreign tax credit, you generally must complete.

Ask yourself the following questions to find out if you qualify. Sometimes You Can Skip Form 1116. How to find information for Vanguard funds In order to fill out Form 1116, you need to list your total foreign source income. The total of your foreign taxes was not more than 300, or 600 if married filing jointly (amounts current as of April 15, 2008).

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