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Deductions & credits
@TommyMo , I hope I am reading you correctly ---- recognize that the foreign tax credit is a Non-Refundable Credit i.e. it can only reduce your tax liability but not below zero . Thus if your tax liability is $300 and the foreign tax paid was entered as $600 --- your total tax liability would be reduced to ZERO ( not a refund of $300 ).
Does that make sense ?
March 15, 2021
12:02 PM
4,242 Views