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    MEANY's Avatar
    MEANY Posts: 1, Reputation: 1
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    #1

    Jul 18, 2012, 02:34 PM
    Georgia State Income tax on interest income earned and received in a Foreign country
    I have two questions related to the above:

    1. Do I have to pay Georgia State tax on the interest income earned and received abroad ?

    2.Can I claim credit for taxes paid overseas on this interest income?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jul 18, 2012, 02:55 PM
    If you file as a resident alien or U.S. citizen, filing Form 1040 or 1040A or 1040EZ, then, yes, you must claim foreign-based interest earned on BOTH your federal and Georgia state income tax return.

    While you DO get to claim for the foreign taxes paid on your federal income tax return using Form 1116, you CANNOT claim a similar credit on your state income tax return.
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