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Why did my husband (deseased 4 months ago) file income tax

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Why did my husband (deseased...
Why did my husband (deseased 4 months ago) file for foreign income tax credit in the amount of $48K since 2006?
Submitted: 2 years ago.Category: Tax
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Answered in 10 minutes by:
8/4/2015
Tax Professional: emc011075, Tax adviser replied 2 years ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,242
Experience: IRS licensed Enrolled Agent and tax instructor
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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?

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Customer reply replied 2 years 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?
Tax Professional: emc011075, Tax adviser replied 2 years 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.

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Customer reply replied 2 years ago
Thank you, ***** ***** await her reply. What is the wait time?
Tax Professional: emc011075, Tax adviser replied 2 years ago

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

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Tax Professional: emc011075, Tax adviser replied 2 years ago

Are you still with me?

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Tax Professional: emc011075, Tax adviser replied 2 years 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.

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