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Latest revision as of 22:19, 22 September 2024

A credit is allowed for foreign income taxes paid or accrued. The loan is limited special 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.

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Conversely, earned income abroad, and a second income from foreign securities, rental, or other activities abroad, can be excluded from U.S. taxable income, or foreign taxes paid thereon, is required as credits against U.S. taxes due.

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