History Among The Federal Tax: Difference between revisions
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Revision as of 19:39, 22 September 2026
A credit is allowed for foreign income taxes paid or accrued. The credit is limited compared to that part of Ough.S. tax due to foreign source income. It's not at all refundable, but any excess credit the carried to other years to reduce tax. Remember, an individual exemption of $3650 isn't deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000.
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