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Do i understand that you are a dual citizen?
Are you paying U.s. taxes on the german pensions?
Thank you, XXXXX XXXXX really doing great.
One more question, and I will be able to give you an answer.
What is the source of the 80,000 loss carryover? business activities, etc?
I will address the issue ofthe German SS. Are you drawing U.S. SS and do you have other U.S. income as well?
Thanks, XXXXX XXXXX have hit a snag.....Tell me this,
in what year did you first use the form 8802
Typically, when you report world wide income in the u.s. you were to have taken advantage of at least two tax benefits, for all of those 20 yeas and last year befor using form 8802.
1. Foreign earned income exclusion, which excludes from U.S. income a large portion of your income from that german company. Had you been excluding from U.S. income your entitlement for foreign earned income?
2. Foreing paid taxes: You were entitled to get a tax credit on foreign paid taxes on the portion of income that exceeded the foreign earned income exclusion. Had you been taking advantage of the foreign tax credits on your annual returns filed in the U.S.?
3. Did your company pay you a fee often called hypo-tax
I have enough now to give you an accurate response. But I have to sign off for an hour or two. Is that ok?
Sick mom to take care of. I am back now:
You can carry this forward.
you will still be doing a 1119 for the next years on the foreign taxes, but you have to break them down to the year that they were actually incurred.
There is a 10 year statute of limitations to take a tax credit for any foreign taxes you may have not used. Please get the following publication to find out how to do it.
About SS from Germany, please read this: http://www.ssa.gov/international/Agreement_Pamphlets/germany.html
German SS benefits are taxable,if at all in the U.S. They follow the same rules as U.S. SS with regard to taxation. If your SS form Germany now, and later both together, exceed a certain income level (generally around 35,000) then they become taxable.
That is correct.
You are right. you just can not take an foreign credit on any incomed taht might have been taxed in the same year of the from 8802. this is a moot point for you, because you will not have had any taxable income in that year, it looks like.