BobKamman
Level 15
03-26-2020
11:30 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
No, the foreign tax credit is for US taxpayers who are taxed on the same income by another country.
If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income. However, you may qualify to exclude your foreign earnings (from work, not from investments or other sources) from income up to an amount that is adjusted annually for inflation ($103,900 for 2018, $105,900 for 2019, and $107,600 for 2020).