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Foreign Account Interest, Do I calculate the value before the foreign government took tax out of it or after?

 
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DaveF1006
Employee Tax Expert

Foreign Account Interest, Do I calculate the value before the foreign government took tax out of it or after?

You will report the amount of interest before the foreign government took withholding tax out. You may claim a foreign tax credit for the amount of withholding so you will not be double taxed by the foreign country and the US.

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1 Reply
DaveF1006
Employee Tax Expert

Foreign Account Interest, Do I calculate the value before the foreign government took tax out of it or after?

You will report the amount of interest before the foreign government took withholding tax out. You may claim a foreign tax credit for the amount of withholding so you will not be double taxed by the foreign country and the US.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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