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Deductions & credits
There's a direct method to report this using SusanY1 example.
- As you prepare your Foreign Tax Credit section in your return, when it asks for gross income, record $63,500, which is the difference between $190,000 and $126,500.
- When it asks for foreign taxes paid, record $18,382.
This should accurately report the Foreign Tax Credit you are entitled to.
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March 27, 2025
5:56 AM