History Within The Federal Tax: Difference between revisions

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A credit is allowed for foreign income taxes paid or accrued. The loan is limited to that part of You.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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Julie's total exclusion is $94,079. To be with her American expat tax return she also gets to claim a personal exemption ($3,650) and standard deduction ($5,700). Thus, her taxable income is negative. She owes no U.S. place a burden on.

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