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Recent Foreign Tax Credit questions

I have a checking account in Italy where my taxed pension is

I have a checking account in Italy where my taxed pension is deposited monthly. I have dual citizenship and reside in the United States. I have never reported that income when filing income tax because I was told that I did not need to pay taxes on it due to double taxation.On the internet I just learned that I needed to file a FBAR. Then with more reading I learned that I needed to have been declaring that income in the US and paying taxes on it and it should not have been taxed in Italy at all.Is my understanding correct? What should I do now?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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OK, This is 1116 and. T/P sold real property non business at

OK, This is 1116 and amt.T/P sold real property non business at a lT gain of 946,309 in South Korea. She lives here in the US. She paid a foreign tax on it of 405,319. She does have 9600 in wages. That is it. No other income. standard deduciton. no dependents. I am putting this as passive ordinary income on the 1116. Correct? Do I put this on the line for qualified dividends and capital gains from Country? I feel like I am going in circles. This is also triggering AMT.

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Dr. Fiona Chen

President

Ph.D.

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My son received a form w-2cm. Is this reported like any

My son received a form w-2cm. Is this reported like any other W-2 and then do I file forms for the foreign tax credit for the taxes paid to CNMI?

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Mark Taylor

Certified Public Accountant

Masters

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324 satisfied customers
I have a client who sold 1 piece of real property in South

I have a client who sold 1 piece of real property in South Korea. She profited 946,309. She paid foreign tax to Korea. She lives in Nevada. Question- would this be qualified capital gain for LIne 1a of the Form 1116? It would definitely make a difference on AMT. It is passive category income.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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I am on H1B non immigrant status in US. My wife also works

I am on H1B non immigrant status in US. My wife also works in US on H1B. I need to know if I am required to file fbar. I came to US in 2011 feb and till this time I am not aware of anything called fbar. One of my friend told me about this recently and I am not sure if this is for US citizens or green card holders only. I didn't file fbar for last years. I have below questions.1. Am I required to file fbar?2. My wife doesn't have a foreign account. She transfer money to my foreign account. She is not the joint owner on the foreign account. Does she needs to file separate fbar form.3. Do I need to file for previous years?4. If I earn interest from my foreign account in India then is it taxable in USA and do I need to declare this in USA.If yes then how?5. What is the due date for filing fbar?6. Is there a process just like city tax remainders so that I may get notified for things like fbar going forward.7. I got a personal loan from USA for some expenses in India. So my foreign account have more than $10k. I have the personal loan running in USA now for which I am paying interest too. Do I need to call this out explicitly somewhere in the fbar form.

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DanielleCPA

Certified Public Accountant

Bachelor's Degree

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My wife owns transferred cash to a partnership (LLP) in

Hi! My wife owns transferred cash to a partnership (LLP) in India and became a partner of 33%What are our filing requirements? She is a resident and does not have any US income. The partnership is a Limited Liability Partnership and all the partners have limited liability.Which forms do we need to submit?

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Robin D.

Vocational, Technical or Trade School

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20,588 satisfied customers
I worked in the US months last year. I got a job in Qatar

I worked in the US for 10 months last year. I got a job in Qatar and claimed tax exempt for 2 months. I went to file my taxes and the turbo tax said I was not eligible for child tax credit because of this. Is this correct? I am thinking there is a way to get my full refund still. I don't believe that I should miss out on Child Tax Credit because I worked 2 months in another country which would've been MAYBE $200 in taxes I would've paid.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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My husband and I are American citizens living abroad We

My husband and I are American citizens living abroad We worked in the US andI file taxes there since Zi have income My account has filed me in the 1024NR form She said this is the form I have to file since my tax country is Greece but my husband who has no income or property in the US does not need to file a tax form since he files in Greece Is this true I think this form is for non US citizens Will I have any consequences? What do Zi need to do?

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Lev

Retired

Bachelor's Degree Equivalent

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24,192 satisfied customers
If a person while a citizen of country z and living in

If a person while a citizen of country z and living in country z has savings from income earned in that country and pays it taxes considered tax income in the US if savings or part of the savings are transferred to the US after the citizen immigrates to the US? Is it reportable?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,724 satisfied customers
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