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Deductions & credits
Hi DaveF1006,
Would the Foreign Tax Credit affect the total deductions for us both significantly?
1. Does the credit offset against the final taxes of 2024? I paid equivalent USD 4500 in Malaysia.
2. Must I include proof of paid taxes from Malaysia in the package?
3. FBAR Filing with Form 1116 is provided by Turbo tax yes?
4. With the substantial presence test, do we still need to send in a statement for opt in as Resident Alien during filing? Presume my I-94 travel records must be included as proof of substantial presence?
5. Is Turbo Tax Basic able to execute what we need?
Also, given the circumstances above, would you recommend we file online or mail in?
This is a first for both of us. Thank you so much for your clarification! It does sound at this juncture that we can file using Turbo Tax.
Thanks
Lim