Greg Procter wrote:
> "Mr. Travel" wrote:
>
>>Greg Procter wrote:
>>
>>
>>>Yes, Craig, that's telling me that the US taxes US citizens and US PRs
>>>on moneys earned outside the US, particularly "... and there are also
>>>some credits for foreign taxes paid. "
>>
>>No, you still don't get it.
>>
>> From my understanding of this, but it was a few years ago when I was
>>thinking about transferring to Brussels, so research it if you really
>>want the info.
>>
>>If the foreign tax rate is higher than the US rate, no additional tax
>>will be due.
>>
>>IF the foreign rate is lower than the US rate, you would pay
>>(approximatelly) the difference up to the US rate, after deducting the
>>excluded income amount.
>
> So when you said "some credits" you meant "full credits"?
No, I meant some credits.
There is not just one credit you could obtain
It is possible you might have more tax credits than you would owe in
taxes. In some cases, this would give you a refund that is higher than
the taxes paid.
If you have additional question go to irs.gov or your nearest US tax
specialist. I am sure there is at least one in nz
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