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Retirement tax questions
Thank you for taking the time to respond!
Yes, I have paid for my return, so I am able to view my "worksheet". It looks a little different than your example - it looks like the Standard Deduction makes an appearance on it? (I am using standard deduction).
But I am still not following the logic behind it.
I had a $1200 payment from Canada, which was net after 15% was withheld ($300).
My US overall tax rate is just over 10%.
But, including the $1500 in US income, and plugging it the $300 tax payment made in Canada, it gives me a measly $179 to use as credit for 2023 and the rest goes into Carryforward. I would expect the whole $300 paid would be recognized as taxes paid. Or am I thinking about it wrong?
‎April 8, 2024
10:21 AM