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Retirement tax questions
The foreign tax credit has various limitations based on the type of income and how much tax is assessed in the foreign country versus the tax assessed in the US. For example, the credit is limited to the amount of tax you'd have to pay in the United States or the amount of foreign taxes paid, whichever is lower. This article has additional information and considerations: Foreign Tax Credit and Other Tax Implications of Foreign Investments
This article describes the steps needed to calculate the foreign tax credit in TurboTax:
Where do I enter the foreign tax credit (Form 1116) or deduction?
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‎June 26, 2024
12:02 PM