So after you claim the foreign tax exemption on your full income. The dividends And capital gains are taxed based on your income BEFORE claiming the foreign tax exemption?
So after you claim the foreign tax exemption on your full income. The dividends And capital gains are taxed based on your income BEFORE claiming the foreign tax exemption?
Well, on my 1040 income section the foreign income canceled out +$$K foreign income, -$$K exempt, leaving only US investment income.
I was wondering, if you only had say 5K of investment income, and you had 8K of standard deductions, then all the investment income would be tax free? I guess this is where a CFP designation would be handy, I suck at tax crap.