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Revision as of 04:08, 4 October 2024

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

Remember, a personal exemption of $3650 is not 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. This causes you to under the marginal tax rate of 25%. So the money you can save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For or else you spouse, which are multiplied by two an individual save $1825.

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