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Deductions & credits
Thanks for the reply. Yes that is the information I need. Can you kindly complete your example by giving how much is the tax needed to pay to IRS? Would standard deduction apply? I guess so, then is it the the product of(world income minus standard deduction) and US tax ratio? Assuming US tax ratio is 20% then the tax needed to pay to IRS is $8280, less that $28720. In that case no tax is owed.
Do I understand correctly?
Thanks.
March 17, 2021
11:13 PM