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Retirement tax questions
The IRS limits the amount of foreign tax you may claim as a credit. That limit is the total amount of U.S. tax you owe, multiplied by a fraction: your foreign taxable income (for each category) divided by total taxable income. Thus, if you earn $50,000 from foreign sources in one category, and $100,000 from all sources, your foreign tax credit limit is your U.S. tax multiplied by 1/2.
The RRIF income may be passive income.
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March 30, 2020
7:29 AM