- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
If you are trying to get foreign tax credit for foreign taxes paid on Mutual funds , you have to provide the foreign income from those funds ---- because allowable foreign tax credit for the current year is based on ratio of foreign income to world income. Most mutual fund brokers statements do identify the allocated foreign taxes paid but not the foreign earnings --- they usually provide the percentage earnings from foreign sources and it is up to you to compute the actual foreign income that was subject to foreign tax.
‎June 3, 2019
10:43 AM