foreign account

[gjas1984]

I have earned interest from my foreign savings account, but the country where the bank is located automatically taxes it. Does this qualify as a deduction then?

[pk]

@gjas1984 

 (a) Please  consider  changing your  sign in credentials -- it looks too much like an email address ( and this is a public board.

(b)  Foreign earned interest is taxed  just like domestic  earned interest except for  Treaty  assertions ( if any )

(c) if the Foreign taxing authority taxes this income then  you can  

                1. deduct this taxes   if you use itemized deduction ( but SALT  limits apply );

OR           2. you can use safe harbor for foreign taxes  (  up to US $300 per filer  ( US$600 if MFJ)  on a return 

OR           3. if over the safe harbor amount use the form 1116 to get Foreign Tax credit --- note however, that in this case while the taxes paid is recognized dollar for dollar, the amount allowed for tax year is based  roughly on a ratio of foreign income to world income and thus is a fraction.

Does this answer your query ?  Or do you need more on this ?