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Latest revision as of 02:44, 22 September 2024

A credit is allowed for foreign income taxes paid or accrued. The credit is limited to that particular part of You.S. tax due to foreign source income. It is not refundable, but any excess credit may be carried to other years to reduce tax.

A personal exemption reduces your taxable income so you get paying lower taxes. You may be even luckier if the exemption brings you with lower income tax bracket. For the year 2010 it is $3650 per person, equal of last year's amount. That year 2008, was $3,500. It is indexed yearly for the cost of living.

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