I paid income tax to Canada for foreign pension. When I declare it here, it seems that USA will owe me a refund. Is this possible???
According to my present IRS filing, the federal government might owe me a refund. Since I paid nothing in taxes this year as yet, except property taxes, will it be taken out of what I paid as property taxes? Or else, how can this be possible?
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No it will not affect/reduce property taxes. If you pay US tax on the pension, too, you may be eligible for a foreign tax credit for the Canadian tax paid on that pension. If your US tax is zero, there is no credit. Foreign tax credit can only offset US tax. It is not refundable.
No it will not affect/reduce property taxes. If you pay US tax on the pension, too, you may be eligible for a foreign tax credit for the Canadian tax paid on that pension. If your US tax is zero, there is no credit. Foreign tax credit can only offset US tax. It is not refundable.
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