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A credit is allowed for foreign income taxes paid or accrued. The loan is limited to that part of Oughout.S. tax due to foreign source income. It isn't refundable, but any excess credit can be carried to other years to reduce tax.

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Muni bonds should be owned transfer pricing in your taxable brokerage accounts, and do not in your IRA or 401K accounts because income in those accounts is already tax-deferred.

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