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I am taking foreign earned income exclusion. Is it also allowed to take foreign tax credit for foreign taxes paid for passive foreign income (both forms 1116 and 2555)?
Turbo tax allowed me to enter both. But just wanted to make sure...
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June 4, 2019
5:12 PM
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Deductions & credits
Any un-excluded income ( foreign earned income exclusion ) , is eligible for foreign tax credit--if that income is taxed by both the USA and the "other" country. So yes you can have both form 2555 and 1116 in one return. You should just make sure that there is no double counting.
June 4, 2019
5:12 PM