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Deductions & credits
@zakerinasab , agreeing with my colleague @AmyC for things you need to check. At the same time there is one more item you should be aware of when using form 1116. While form 1116 recognizes your foreign tax dollar for dollar, the allowable amount for the tax year depends effectively on a ratio of your foreign income to yopur world income. Your figure being approx. 50% leads me to believe that your foreign income was in the range of 40-50% of world income.
Does this make sense ?
pk
March 20, 2024
8:02 PM