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Get your taxes done using TurboTax
@Carl, Thank you for the response. I understand your point. But consider the scenario below.
I got $500 income from a foreign bank A and paid $50 foreign tax
I got $1000 income from a foreign ETF B and paid $75 foreign tax
I had standard deduction of $1000 in that foreign country. so after filing return that govt will credit back the excess tax (say $45)next year.
So in this case, do i have to report the tax paid as $50 and $75 for each income this year and $45 as a separate income for the next year? If so, under what head should I report the income from foreign tax refund next year?
‎August 18, 2018
1:35 PM