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You wrote, I own Harvest Energy Trust NYSE:HTE.
In my History & Statements there is FOREIGN TAX WITHHELD (HTE).

I believe you can only deduct this off your federal taxes.
Anyone know if this is true?

It is.

Here's a discussion of the topic:

In general, you should shy away from investments subject to foreign taxes in a tax-advantaged account as the income from those assets will be reduced by the other country's taxation. If you do make such investments, try to place them in a taxable account as the tax credit - for the taxes you would have to pay the foreign government anyway - should help to offset any taxes you might owe on their income.

- Joel
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