A Status Taxes - Part 1: Difference between revisions

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Revision as of 12:08, 3 March 2025

A credit is allowed for foreign income taxes paid or accrued. The finance is limited compared to that part of Oughout.S. tax due to foreign source income. It's not refundable, but any excess credit could be carried to other years to reduce tax.

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If the $100,000 a full year person didn't contribute, he'd end up $720 more in his pocket. But, having contributed, he's got $1,000 more in his IRA and $280 - rather than $720 - in his pocket. So he's got $560 ($280+$1000 less $720) more to his identity. Wow!

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Someone making $80,000 each year is really not making an awful lot of hard cash. The fed's 'take' is considerably now. Taxation originally started at 1% for the rich. And now the government is intending to tax you more.

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