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Dear Mr. pk:
Thank you very much for your insight.
- Based on your input, request your help / insight on how to allocate / annualize income and taxes for the US calendar? To give you a broader insight, I have enclosed below screen shot of an Example showing hypothetical structure and allocation among different buckets. (To avoid any confusion, I have shown the income per Indian tax cycle). If you need, I have also attached the example Excel file
- Key question is how to allocate / annualize income and taxes for US calendar due to the fact, there is always 3 months gap. (2022 - 23 India return contains only 3 months of 2023 and 9 months of 2022)
- When you mentioned ratiometrically, did you mean take the example data below of $36 tax paid to India and allocate 39% of $36 tax paid to India ($39 dividend income divided by $100 total income), allocate 31% of $36 and 30% of $36 to each of the 3 buckets of dividend, interest and capital gains?
Let me know your thoughts on the above key questions.
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will be straightforward if one can just use the column "Other Foreign taxes paid or accrued" in the form 1116 for total tax amount paid to India without allocation in to different buckets.
Let me know your thoughts
Again, thanking you,
Regards,
Giri
