How can the foreign tax from a taxable account be recouped?
For amounts withheld equal to the foreign tax withholding treaty, the IRS allows taxpayers to: • Claim a foreign tax credit on line 47 of Form 1040. Please consult with your tax preparer to determine whether a Form 1116 is required. • Or deduct the foreign taxes withheld on Schedule A of Form 1040 as Other Taxes Paid.
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