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It means that you will not be paying tax on the French pensions on your US tax returns. I would caution you, however, to disclose the income by entering the French pension amount in the (a) column and writing a zero in the (b) taxable column.Then you cannot be criticized for failing to disclose the income. Get a copy of the treaty for your files in case the matter is ever questioned.The foreign tax credit will not apply at all due to the treaty and should not be a part of your return.