Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 1
The max you can recoup is $600.00 to my limited understanding.

This is a bit garbled. There is a limit on foreign tax credit, but it's your tax liability times the fraction of your income from foreign sources. It could be much more (or much less) than $600. Perhaps you're thinking of the limit ($600 on a joint return, $300 on others) below which you can take the credit without using Form 1116.

(But to your real question, Chris is right - if you hold stuff like this in an IRA, you cannot claim the foreign tax credit.)

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.