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Foreign Tax Credit: Your Guide to the Form 1116
Form 1116 foreign tax credit is a non-refundable credit based on the tax payable to foreign countries. Consider, for instance, a U.S. citizen abroad who never filed a tax return. If they are working in a foreign country, their form 1040 is likely going to contain substantial foreign income. Well, paying both the U.S. and foreign tax on the same money is counter-intuitive...
04-Oct-2021, 06:29 PM