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

Obtaining a tax-deduction allows your contribution to be subtracted by your taxable income. A lower taxable income means you pay less tax in the age you lead to your Individual retirement account. So you end up a lot more in your IRA and with less decrease in your pocket than your contribution.

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