Hi,
Myself and My wife both work in the US but live in Canada (daily commuters). I am working through a TN Visa and my wife is a US/Canada Dual citizen.
We are trying to complete our taxes ourselves for the first time. We are filing a joint 1040 and we are wondering about line 47 "foreign tax credit", do we have to fill anything in this line? We were thinking that the foreign tax credit would only apply from US tax to credit our canadian tax, but not sure... Any help would be much appreciated. At the moment it looks like we are going to have to pay $11K! so were are concerned that maybe we are doing something wrong here....
Thanks.
Foreign Tax Credit - Line 47 of 1040
Moderator: Mark T Serbinski CA CPA
The only thing that can be claimed as a foreign tax credit on your US return is Cdn tax on your Cdn income.
Since you both work in US, it is unlikley that much of your income comes from canada, so don't count on that as saving you.
Looks like you simply did not have enough withheld from your paychecks.
Since you both work in US, it is unlikley that much of your income comes from canada, so don't count on that as saving you.
Looks like you simply did not have enough withheld from your paychecks.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best