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Foreign tax paid within an IRA...yes or no to claim credit?

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    #1

    Foreign tax paid within an IRA...yes or no to claim credit?

    Got to admit, never saw this before. IRA statement shows foreign tax paid. Can my client claim the Foreign Tax Paid credit?
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    #2
    No. Assume this was just on a statement and not on any kind of 1099.

    Comment

      #3
      Burke, correct just disclosed on statement and not any 1099

      Originally posted by Burke View Post
      No. Assume this was just on a statement and not on any kind of 1099.
      Burke, correct just disclosed on statement and not any 1099

      Comment

        #4
        Furthermore...

        This is one of those "of course not" questions.

        Not too far from the smart person who puts tax-free bonds into an IRA account to "save" some taxes.

        As Burke noted, for this taxpayer the information apparently just showed up on a monthly/annual account statement and not on anything even resembling a tax document.

        FE

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          #5
          Agree

          IRA earnings not taxable, so FT indicated can not be deducted.
          Character of the Account

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