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Revision as of 23:38, 18 October 2026
A credit is allowed for foreign income taxes paid or accrued. The credit is limited to that part of You.S. tax due to foreign source income. It is far from refundable, but any excess credit become carried to other years to reduce tax. But what will happen on the event you simply happen to forget to report in your tax return the dividend income you received by the investment at ABC high street bank? I'll tell you what the internal revenue men and women think.
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