1)A taxpayer does not live abroad; however, they paid taxes foreign investment income. Additionally, the...
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A taxpayer does not live abroad; however, they paid taxes foreign investment income. Additionally, the taxpayer earned income from a foreign business. Is the following statement correct in this situation? aThe taxpayer will need to file separate Forms for their passive and general category income bThe taxpayer carryforward or carryback any foreign tax paid that they were unable to claim due to limits cThe taxpayer may take either a deduction or credit on their US Form for foreign paid dBoth sources of the taxpayers foreign income fall under the passive income category eThe taxpayer may not take a deduction or credit on income that is not included on their US Form fIf the taxpayers filling status is Single, and they paid more than $ in foreign tax, they are required to file Form to claim the credit
A taxpayer does not live abroad; however, they paid taxes foreign investment income. Additionally, the taxpayer earned income from a foreign business. Is the following statement correct in this situation?
aThe taxpayer will need to file separate Forms for their passive and general category income
bThe taxpayer carryforward or carryback any foreign tax paid that they were unable to claim due to limits
cThe taxpayer may take either a deduction or credit on their US Form for foreign paid
dBoth sources of the taxpayers foreign income fall under the passive income category
eThe taxpayer may not take a deduction or credit on income that is not included on their US Form
fIf the taxpayers filling status is Single, and they paid more than $ in foreign tax, they are required to file Form to claim the credit
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