Hi,

I would like to know about how to calculate and submit my tax returns taking into consideration Foreign Tax Credit. I am an Indian and I am paying double taxation.I need more elaboration on Foreign Tax credit...

Thanks in advance
Kevin.

Kevin:

Form 1116 is somewhat complex and cannot be easily explained in a forum like this.

Strongly recommend that you use a tax professional with experience filing tax returns for foreign nationals like yourself.

If you want my help, contact me at the email address below.

Ohh Ok... ATE actually what I need to know is what all benefits will I be getting from 1116 roughtly if you bullet it.. Appreciate your help

Kevin

Kevin:

You get a credit for the taxes paid to another country on income on which you are also paying U.S. income taxes.

The credit CAN be substantial, but it is usually NOT dollar-for-dollar, because income tax rate in other countries tend to be higher than U.S. rates.