If you paid income tax to a foreign country on any type of income such as, interest, dividends, or wages you may be eligible to claim either a credit or an itemized deduction for the taxes paid.
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Who Can Claim the Foreign Tax Credit?
The foreign tax credit is a valuable option for Americans paying taxes on income in a foreign country. See if you qualify, and how to claim the credit here.
You can choose to either claim the taxes paid as a deduction when itemizing deductions or you can claim a credit for the taxes paid. Since the tax credit is a dollar for dollar reduction in taxes, and the itemized deduction is a dollar for dollar reduction in taxable income, you are usually better off claiming the foreign tax credit.
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