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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
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Experience:  15years with H & R Block. Divisional leader, Instructor
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Resident Alien (as of Nov 2010) has franked dividends from

Resolved Question:

Resident Alien (as of Nov 2010) has franked dividends from Austrailia. All money stayed in Australia to pay on Australian debt. Does taxpayer report dividend (total or less franked amount) on US tax return
Submitted: 3 years ago.
Category: Tax
Expert:  Robin D. replied 3 years ago.

Robin D :

Hello and thank you for using Just Answer

Robin D :

As a resident alien you are to report worldwide income. These franked dividends are reprotable on your US return for the 2010 tax year. You may use the foreign tax credit for the tax to Australia but not the company's portion of the tax paid.

Customer:

If reported on the individual Autrailian tax return, then doesn't that constitute double taxation?

Robin D :

No because you will receive a credit to US on the tax paid to Australia.

Robin D :

The Form 1116 eliminates the double taxation

Customer:

There is not tax paid to Australia because of the franking credit. They do this to avoid double taxation on corp. dividends.

Robin D :

That is for Australia, the US stand is that you received dividends and if you paid tax on those already in another country then you can use the Foreign Tax Credit to eliminate a double taxation of income to the US and another country. In the US the company is not paying for dividends and the stockholder paying on same dividend.

Customer:

Thank you

Robin D :

You are welcome

Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7715
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D.
Robin D.
Tax Professional
7715 Satisfied Customers
15years with H & R Block. Divisional leader, Instructor