- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
Your foreign tax credit is limited to the lower of the foreign tax paid OR the US tax on the same amount. Your tax rate is 20% and the tax on $822 is $160. That's the maximum deduction allowed.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 27, 2025
10:21 AM
395 Views