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Strategies & Market Trends : Value Investing
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To: E_K_S who wrote (46450)2/3/2012 1:30:41 PM
From: Paul Senior  Read Replies (1) of 78673
 
ot: I'll have to ask my accountant this year about what you are saying:

"Finally, I now find a larger benefit (for me) to itemize the tax with held rather than filing the foreign tax credit forms. It's different every year but seems to be a bigger benefit for me especially w/ my State (ie CA) tax forms."

I have assumed a credit to taxes is always more favorable to me than to itemize that withholding amount. However, I see that in my case where I have have had more than $1000 in Canadian taxes withheld each year, I've not been able to deduct the full amount each year. Given my income (gross or taxable or adjusted or something), the computer program lets me offset some withholding against taxes, and the rest is carried over to the following year or years. Result is I'm always showing a carryover. Whereas if I just itemized the entire withheld amount, I might do better. I'll have to check.

With the Canadian tax law change, I've moved all my Canadian stocks in taxable accounts to ira account. I still have monies withheld from other foreign stocks which I keep my taxable accounts. For example French stocks. My broker says a 25% tax rate is correct for my French shares that are held in ira. OTOH, 15% would be the rate the rate for French shares that are held in a taxable account. So I moved stocks like TOT to a taxable account.
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