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Revision as of 19:44, 1 September 2026

A credit is allowed for foreign income taxes paid or accrued. The money is limited for that part of You.S. tax due to foreign source income. It's not refundable, but any excess credit the carried to other years to reduce tax.

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This provides us a combined total of $110,901, our itemized deductions of $19,349 and exemptions of $14,600 stay the same, giving us an utter taxable income of $76,952.

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