Questions tagged [tax-credit]

for questions that relate to tax credits. A tax credit is a sum deducted from the total amount a taxpayer owes to the state.

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If my job is exactly the same across three employers, is it considered one job or three for tax credit purposes?

The state of Oklahoma has a tax credit for engineers working in aerospace, described in form 564. The definitions on page 2 specifically state under "Qualified Employee": [the employee] was not ...
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Donating to US versus Canadian charities to maximizing tax benefits

I am a US citizen and I have the option to make my charitable donations in either the US or Canada for the next few years. How do I maximize my tax benefit for a fixed donation size? My ...
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Why is the second lowest cost silver plan (SLCSP) premium reported as $0 when no advance premium tax credit (APTC) was taken?

In the instructions for Form 8962 (Premium Tax Credit), it says: If no APTC was paid for your coverage, Form 1095-A, Part III, column B, may be wrong or blank or may report your applicable SLCSP ...
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143 views

Foreign Tax Credit / form 1116

I have a foreign retirement income. Income tax is withheld at source in a foreign country. As I have to file form 1116 to get the FTC (foreign tax credit) I need to know if such retirement is a “...
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1answer
156 views

Tax relief on UK salary income

I am tax-resident in the USA and non-resident in the UK. I receive income from my former UK employer (in the form of stocks vesting in the UK) on which I pay UK income tax. Is this type of income ...
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Does a state tax credit received as a gift count as income?

I have received a state tax credit for a historic rehabilitation project, which for a fixed fee the state of Arkansas allows me to partially sell/transfer. Whoever has the credit has up to five years ...
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What's wrong with transferring $12,000 from RRSP to RRIF and withdraw $2000/yr 65-71 inclusive? Why doesn't this give you $12000 out RRSP tax-free?

I live in ON. Jim Yih wrote Are You Taking Advantage of the Pension Income Tax Credit? Transfer RRSP to a RRIF. At age 65 transfer $12,000 to a RRIF and take $2000 out per year from age 65 to 71(...
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Understanding the Home renovation tax credit in ontario

I am trying to figure out the home renovation tax credit Does it only apply to the home I live in? If I currently live in a rental property but am allowed to do renovations, can I apply for the ...
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How could I take advantage of under-utilized tax credits?

Inspired by my question and JTP's answer here, there are some cases where a person's tax credits are much more than their tax liability. That person might even pay a "negative tax" and get a ...
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Do I need to file taxes or can I file taxes educational credit refund purpose with 1098T?

I did not work at all but I received a 1098T for my online school. The 1098T has $12,070.04 on box 1 and $2,529.53 on box 5. I will like to know if I should file taxes with the 1098T only to get ...
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Can sales tax in a foreign country be used as credits to offset US taxes?

Say you are an American citizen living in the UK. You are required by [draconian] U.S. law to pay full taxes on your income as though you are resident in the U.S. However, there are several treaties ...
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48 views

Avoid wasting Canadian tuition credit with double taxation on Canadian Income in US

I live in US with income in Canada and have a large amount of unused tuition tax credits in Canada. My understanding is that when doing US Tax I should report my full Canadian income and the amount ...
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What date am I supposed to enter on Form 1116 Copy 1 (Foreign Tax Credit) in Turbotax?

As a US lawful permanent resident, I'm filing for my taxes in the US. I have some dividends in a non-US brokerage account. What date am I supposed to enter on Form 1116 Copy 1 (Foreign Tax Credit) in ...
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75 views

Carry over of North Carolina foreign tax credit

Referencing North Carolina income tax form D-400TC, Part 1 seriously limits the amount of foreign tax credit (FTC) I can take (line 7a is considerably smaller than line 6). I am wondering if it is ...
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Should I increase my tax liability to better utilize a nonrefundable credit?

My household qualifies for the maximum $2000 non-refundable Lifetime Learning federal tax credit. However, due to planned aggressive contributions to retirement accounts, my tax liability is low ...
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How to value AMT Credit

I'm modelling some scenarios exercising and selling ISO stock options including "same day sell" and "hold for a year and a day", the latter one trying to take advantage of the long term capital gains ...