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Strategies & Market Trends : Value Investing

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To: 8bits who wrote (29207)	12/11/2007 10:56:51 AM
From: 8bits	Read Replies (1) of 78973

Re: Foreign tax withheld in IRAs, 401ks, or any tax excluded account... I received an inbox asking if the rules had been changed in regards to receiving a tax credit (you can't receive a tax credit) for IRAs (and other accounts which shield you from US taxes) when foreign tax is deducted from interest or dividends. Sorry my post wasn't clear, the answer is no: irs.gov Foreign tax credit or deduction. You cannot claim a credit or deduction for foreign income taxes paid on income you exclude. If all of your foreign earned income is excluded, you cannot claim a credit or deduction for the foreign taxes paid on that income. If only part of your income is excluded, you cannot claim a credit or deduction for the foreign taxes allocable to the excluded income. For details on how to figure the amount allocable to the excluded income, see Pub. 514, Foreign Tax Credit for Individuals.

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