Learn what foreign tax credit you should be aware of if you’re a U.S. citizen living abroad, and how to report foreign income with Form 1116. The IRS requires U.S. citizens and U.S. resident aliens, ...

The Individual Income Tax Return provides for a tax credit (like withholding) that reduces your tax if you paid some foreign income tax. (Form 1040, Page 2, Line 47.) Most folks will have paid some ...