Don t Panic If Tax Department Raids You: Difference between revisions

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Revision as of 20:34, 20 September 2024

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

Make sure you understand the exemptions used for the connection. For example, municipal bonds are generally exempt from federal taxes, and could be exempt from state and local taxes if, perhaps you are often a resident on the state.

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