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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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Why did my husband (deseased 4 months ago) file income tax

Customer Question

Why did my husband (deseased 4 months ago) file for foreign income tax credit in the amount of $48K since 2006?
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

There could be several reasons. Usually you claim the credit if you pay taxes other than US government. It could be cause of income he was receiving from foreign country or had investment in foreign country. I sometimes see foreign taxes paid on brokerage statements as well. Did you husband received any foreign income?

Customer: replied 1 year ago.
I believe so, he received interest income from Stocks and foreign investment. Is it possible to access those accounts, and do I have rights as a wife/his widow to any of this interest income?
Expert:  emc011075 replied 1 year ago.

Yes, foreign investments will generate foreign income tax. Depending who inherited those accounts there should be a broker who usually can tell how to access it. If the investment is through an online broker like Vanguard or Scottrade you will have to call them and find out. If you inherited those accounts than the interest will be considered your income.

Customer: replied 1 year ago.
Thank you, ***** ***** await her reply. What is the wait time?
Expert:  emc011075 replied 1 year ago.

Do you know if those accounts were inherited by you or somebody else?

Expert:  emc011075 replied 1 year ago.

Are you still with me?

Expert:  emc011075 replied 1 year ago.

Ok. It looks like you are offline now.

Basically the beneficiary of those accounts can treat them as his/her own which means he/she has rights to sell it/invest it and collect interest. The beneficiary is also responsible for reporting and paying income tax on the interest received. If you are the beneficiary the interest income is considered yours.

Let me know if you have any questions.