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Get your taxes done using TurboTax
It depends. The foreign tax credit will not be more than what the US tax would be on that same income.
- Foreign Tax Credit limit: Your foreign tax credit cannot be more than your total U.S. tax liability multiplied by a fraction. The numerator of the fraction is your taxable income from sources outside the United States. The denominator is your total taxable income from U.S. and foreign sources
- IRS Foreign Tax Credit-How to Figure the Credit
- IRS Publication 514 (check the possible carryover or carryback)
- @rony-lemberg
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March 10, 2025
7:52 AM