The form for claiming the foreign tax credit, separated by income category, with a limitation based on the ratio of foreign to total income.
The limitation is what surprises expats: you cannot use foreign tax paid on wages to offset US tax on investment income. Each basket is computed separately, and excess carries forward ten years.
If foreign taxes are $300 or less ($600 joint) and all from passive income reported on a 1099, you can claim the credit without the form.
Last reviewed September 15, 2026. Tax rules change; confirm current law before acting.
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