Business, 27.03.2020 02:31, princessa15266

Martha and Lew are married taxpayers with $400 of foreign tax withholding from dividends in a mutual fund. They have enough foreign income from the mutual fund to claim the full $400 as a foreign tax credit. Their tax bracket is 24 percent and they itemize deductions. Should they claim the foreign tax credit or a deduction for foreign taxes on their Schedule A? The foreign tax deduction will result in a $ tax benefit where as claiming the foreign tax credit yields a $ 0 tax benefit. Therefore, the taxpayers should claim the foreign tax credit.

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Martha and Lew are married taxpayers with $400 of foreign tax withholding from dividends in a mutual...