taxhelp07
Jan 4, 2010, 10:21 PM
Hi
In 2009, I exercised options granted by my US-based company. Per the Substantial Presence test, I qualify as a US-resident (returned to India after 2 years in Q3-2009).
I exercised my options both while I was in the US and after returning to India. In all transactions, taxes were withheld both in the US and India (in all cases, approx 1/3 was US tax, 1/3 was India tax, and I received the remaining 1/3). I will file my US taxes (including the 1116 Foreign Tax Credit form) in Feb. What Tax credit can be claimed in my US tax returns for 2009?
In 2009, I exercised options granted by my US-based company. Per the Substantial Presence test, I qualify as a US-resident (returned to India after 2 years in Q3-2009).
I exercised my options both while I was in the US and after returning to India. In all transactions, taxes were withheld both in the US and India (in all cases, approx 1/3 was US tax, 1/3 was India tax, and I received the remaining 1/3). I will file my US taxes (including the 1116 Foreign Tax Credit form) in Feb. What Tax credit can be claimed in my US tax returns for 2009?